Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2026
Mr HILL (Bruce—Assistant Minister for Citizenship, Customs and Multicultural Affairs and Assistant Minister for International Education) (09:33): I present a replacement explanatory memorandum to the bill and a supplementary explanatory memorandum to the bill. I ask leave of the House to move government amendments (1) to (25) as circulated together. Leave granted.
Mr HILL: I move: (1) Clause 2, page 2 (table item 2), omit the table item, substitute: 2. Schedule 1 1 July 2027. 1 July 2027 (2) Schedule 1, item 1, page 4 (line 12), omit "AUSTRAC CEO", substitute "Minister". (3) Schedule 1, item 1, page 4 (line 14), omit "AUSTRAC CEO", substitute "Minister".
(4) Schedule 1, item 1, page 4 (line 22), omit "AUSTRAC CEO", substitute "Minister". (5) Schedule 1, item 1, page 4 (line 25), omit "AUSTRAC CEO", substitute "Minister". (6) Schedule 1, item 1, page 5 (after line 4), after subsection 77A(1), insert: (1A) Before making the legislative instrument, the Minister must seek advice from the AUSTRAC CEO and must have regard to that advice.
(7) Schedule 1, item 1, page 5 (line 6), omit "AUSTRAC CEO", substitute "Minister". (8) Schedule 1, item 1, page 5 (line 18), omit "AUSTRAC CEO", substitute "Minister". (9) Schedule 1, item 1, page 5 (line 21), omit "AUSTRAC CEO", substitute "Minister".
(10) Schedule 1, item 1, page 6 (line 4), omit "making", substitute "Minister makes". (11) Schedule 1, item 1, page 6 (line 5), omit "AUSTRAC CEO", substitute "Minister". (12) Schedule 1, item 1, page 6 (lines 16 and 17), omit "the AUSTRAC CEO is not required to consult under subsection (1) if the AUSTRAC CEO", substitute "subsection (1) does not apply if the Minister".
(13) Schedule 1, item 1, page 6 (line 21), omit "comply with", substitute "have consulted the persons mentioned in". (14) Schedule 1, item 1, page 6 (line 27), omit "AUSTRAC CEO", substitute "Minister". (15) Schedule 1, item 1, page 6 (line 32), omit "AUSTRAC CEO", substitute "Minister".
(16) Schedule 1, item 1, page 7 (after line 7), at the end of section 77B, add: (7) The explanatory statement (within the meaning of the Legislation Act 2003) for an instrument made under subsection 77A(1) must describe the consultation (if any) that the AUSTRAC CEO undertook under and in accordance with this section in relation to the instrument. (17) Schedule 1, item 1, page 7 (line 12), omit "making", substitute "the Minister made".
(18) Schedule 1, item 1, page 7 (line 16), omit "making", substitute "the Minister made". (19) Schedule 1, item 1, page 7 (line 22), omit "AUSTRAC CEO", substitute "Minister". (20) Schedule 1, item 1, page 7 (line 25), omit "AUSTRAC CEO", substitute "Minister".
(21) Schedule 1, item 1, page 7 (line 26), omit "unless the AUSTRAC CEO:", substitute "unless:". (22) Schedule 1, item 1, page 7 (line 27), before "is satisfied", insert "the Minister". (23) Schedule 1, item 1, page 7 (line 29), before "has consulted", insert "the AUSTRAC CEO".
(24) Schedule 1, item 1, page 8 (line 10), omit "comply with", substitute "have consulted the persons mentioned in". (25) Schedule 1, item 1, page 8 (after line 22), at the end of section 77D, add: (7) The explanatory statement (within the meaning of the Legislation Act 2003) for an instrument made under subsection (1) must describe the consultation (if any) that the AUSTRAC CEO undertook under and in accordance with paragraph (2)(b) in relation to the instrument.
I'll just briefly explain the amendments to the House. In its advisory report on the bill published on 11 August 2026, the Parliamentary Joint Committee on Intelligence and Security made seven recommendations, three of which, if accepted, as the government has, require amendments to the bill. In its advisory report, the committee recognised that the power in schedule 1 of the bill responds to a gap in the legislative framework but concluded that this power should be exercised by the responsible minister rather than the AUSTRAC CEO.
The government has accepted that recommendation. The committee noted the consultation requirements and recommended that, to achieve a better parliamentary oversight of the exercise of these powers, the minister should publish details of what consultation was completed when making an instrument. The government has accepted this recommendation.
The committee further noted that the recent commencement of the AML/CTF obligations on 1 July introduced new compliance requirements. It recommended that delaying the start date of the proposed changes in the bill would help to reduce the regulatory burden and allow time for industry to understand the changes and get ready for its commencement. Therefore, in response to the PJCIS report, the government is moving amendments to the bill that reflect those recommendations.
Firstly, they will amend schedule 1 of the bill to give the minister responsible for the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, rather than the AUSTRAC CEO, the power to restrict or prohibit reporting entities from using a product, service or delivery channel or thing—the so-called high-risk mechanism—to provide a designated service.
This responds to recommendation 1 of the PJCIS's advisory report. Secondly, they will establish a requirement that the minister describe the consultation process that was undertaken in relation to the exercise of the high-risk mechanism power. This is in response to recommendation 3 of the committee's advisory report.
Finally, they will delay the commencement of schedule 1 and the power to restrict or prohibit high-risk mechanisms to 1 July 2027, and this responds to recommendation 6 of the committee advisory report. Question agreed to. Bill, as amended, agreed to.