In September the parliament referred the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 to a Senate inquiry, which the Capital Markets Division attended on 30 October joined by members CBRE and Stockland.
After successfully removing residential tenancies, commercial leases and property management from the proposed regulations, we have also been successful in ensuring auctioneer services and services between related bodies corporate are not regulated.
Our most recent submission has focused on removing Initial Refundable Deposits (IRDs) and residential site agreements (and land lease) from the proposed regulations, and we have heard positive feedback on these issues from the department following our appearance at the Senate inquiry.
Following the passage of the bill, which is expected in the sitting fortnight beginning 18 November, our priorities turn from legislation to implementation, as the AML/CTF Rules, and then the AML/CTF Guidance for real estate professionals, are consulted on by government.
Throughout this, the Capital Markets Division has been engaging with the regulator AUSTRAC, building a strong relationship which will bear fruit until implementation in mid-2026.
AUSTRAC have invited the Property Council to sit on its new Industry Forum as a representative of tranche two entities, and have invited Property Council members to now sit on its Rules & Guidance Working Group covering real estate and the property sector.
We will be engaging members over the coming months on the AML/CTF Rules, which will be the guiding regulatory document following the passage of the new legislation.
Interested members should contact Dan Rubenach for further information.