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AUSTRAC regulation of law practices |
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Wednesday, 23 November 2011 10:50 |
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AUSTRAC regulation of law practices
In October AUSTRAC published for comment proposed changes to Chapter 23 of the Anti-Money Laundering and Counter-Terrorism Financing Rules in relation to law and accounting practices.
Background
When the Anti-Money Laundering and Counter-Terrorism Financing Act (Cth) (AML/CTF Act) was passed in 2006 there was concern that certain legal services and in particular ordinary trust account activities, might fall within the definition of a "designated remittance arrangement." The AML/CTF Act s10 excluded banks, building societys and credit unions from the obligations in the AML/CTF Act. Section 10 also provided for the exclusion of specified persons under the AML/CTF Rules. After sustained lobbying by the LCA AUSTRAC issued Rule 23 which excluded law practices from the operation of the AML/CTF Act.
A subsequent amendment by the Crimes Legislation (Serious and Organised Crime) Act (No 2) 2010 inserted a new definition in section 5 of "non-financier" thus altering section in the AML/CTF Act which provided for the exclusion of law practices rendering Rule 23 ineffective. The transitional provisions of the Crimes Legislation (Serious and Organised Crime) Act (No 2) 2010 had the effect however of continuing the exemption of legal practices.
Proposed amendment
Rather than rely on the transitional provision indefinitely, AUSTRAC now proposes to "tidy up" Chapter 23 of the AML/CTF Rules to bring the Chapter into line with the changed wording of the AML/CTF Act. Specifically, it is proposed to specify that persons who carry out a "law practice" are "non-financiers" as defined under section 5 of the AML/CTF Act.
The proposed new rule 23 provides that a person carrying on an accounting practice; or a person carrying on a law practice are "non-financiers"
The definition of law practice in 23.3 remains unchanged. |
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Youth Justice Review |
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Wednesday, 09 November 2011 15:22 |
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The Law Society Northern Territory applauded the release of the Review of the Northern Territory Youth Justice System: Report. Newly elected president of the Society, Ms Peggy Cheong, said “issues of criminal justice are frequently used as political footballs at the end of the day this report tackles the hard issues and demonstrates that being tough on crime is expensive and counter-productive.” Ms Cheong noted that the report revealed that the cost of detaining one young offender for a year exceeds $200,000.
Ms Cheong said “According to the report the number of juveniles in detention and on remand has doubled since 2006. Territorians deserve better. If coming into contact with the criminal justice system only increases social disengagement then it is not working.”
Ms Cheong echoed the report findings that Court arrangements in both Alice Springs and Darwin are unsatisfactory (p60). Ms Cheong acknowledged that the report urges the Courts and the legal profession to do “all they can to limit the exposure of young offenders to adult offenders.” Ms Cheong said “the issue of separate Court facilities for youth have been on the agenda for some time.” Ms Cheong commented that the use of the Alcohol Tribunal facility in Alice Springs has raised many other concerning issues and ought not to be viewed as an answer. “I await a review of that facility after 12 months” Ms Cheong said.
Ms Cheong endorsed the recommendations calling for an evidence focus. Ms Cheong said “the community want to see benchmarks and targets, governments need to be transparent.” Ms Cheong drew attention to ABS data showing that incarceration rates in the Northern Territory are the highest in the country and said “these figures are a national and international shame and are getting worse. We don’t really know what works but we need to be able to evaluate these programs” Ms Cheong noted the report called for an aspirational commitment to preventing youth coming into contact with the criminal justice system and addressing the causes of offending.
Ms Cheong acknowledged that the skill shortage is a significant challenge to service delivery. Ms Cheong said “the report recommends up-skilling the workforce both across departments and in the NGO sector. This is a specialist area with unique challenges.”
The Society applauds the Government’s commitment to implementing the recommendations of the report. Ms Cheong said “I look forward to the Government reporting back by June 2012.” |
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Nigel Browne is voted the ‘2011 Indigenous Legal Professional of the Year’ |
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Tuesday, 16 August 2011 00:00 |
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