Philip Ruddock (Berowra, Liberal Party, Attorney-General) Share this | Hansard source

The bill we are discussing is the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2007. I think the honourable member for Brisbane was, in fact, debating the AusCheck Bill 2006, and all of the comments were quite superfluous. I hope he does not have to make those comments again at another time.

I would simply make the point that I think the most surprising admission that I heard in the context of the debate I just listened to was that regulations are not subject to the same degree of scrutiny as other legislation. I find that an extraordinary comment. We do have a Senate committee that has specific responsibility, with a high level of academic support, for reviewing all delegated legislation to ensure that matters are brought before the parliament if they involve any element of controversy, and there are a number of principles associated with that degree of scrutiny. For the Australian public to believe that the Labor Party takes the view that regulations ought to be subject to a lesser degree of certainty is something I find disappointing.

I thank members for their contributions to the debate on the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill. The amendments do make the law more effective in the fight against money laundering and terrorism financing. I commend the amendments to the House.

Question agreed to.

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