Chris Ellison (WA, Liberal Party, Minister for Justice and Customs) Share this | Hansard source

At the outset, I think it is fair to say that the government never said in the Anti-Terrorism Bill (No. 2) that we would be fully compliant with special recommendation VII. That piece of legislation was always acknowledged as being an immediate response which was needed, and further work would be done on the special recommendations made by FATF. Indeed, today I have said that, even after this bill, further aspects of special recommendation VII will be incorporated in the wider response. Certainly, I see the whole area of anti money laundering as being a work in progress. The area in which financial institutions work is ever changing—the products, the packages that people invest in and the way people structure their financial affairs. There is always something coming up in the financial sector which needs to be addressed, especially with emerging technology.

I would make very clear to the chamber that I would not regard the passing of any bill in relation to anti money laundering as being the final response. Further work will always be needed. With respect to special recommendation VII, it is fair to say that the government certainly said that, notwithstanding the Anti-Terrorism Bill (No. 2), further work would still be done. This is the further work that is designed to respond to special recommendation VII, and there will be further aspects which will complete our response in the final legislation.

The other question Senator Ludwig asked is: was there some submission from the private sector and, if so, what did we receive? I am not so sure that that applied to special recommendation VII. I will take that on notice. I think the work on special recommendation VII was as a result of further drafting by the government, but I will take that on notice and just make sure. But, if there was a submission from the private sector, we will advise the chamber of that.