Thursday, 7 September 2006
Financial Transaction Reports Amendment Bill 2006
Yes, the old lettuce leaves will be wearing out very shortly! I confirm that the government has engaged in extensive consultation which industry requested. I repeat that the government does not shy away from the need to consult in any area, but especially not in an area where there are complexities.
Other countries such as the United Kingdom and the United States of America have gone through a similar process and they are still working on anti-money-laundering and counter-terrorism financing reforms. Consultation has been necessary in order to produce a well-developed package that will be effective and cost efficient for industry. It is important for industry to understand their obligations under this complex piece of legislation, and the government makes no apology for taking the time to consult with industry to get the bill right.
My very good friend and colleague Senator Ludwig also stated that there was a lack of consultation on the ATA. It was not possible to conduct extensive consultation on the ATA given the urgency of that bill. However, extensive consultation has been undertaken in the context of the AMLCTF Bill—