Getting your practice AML/CTF ready
PRESIDENT'S MESSAGE | 26 AUGUST 2024
I am continuing to hear from members, particularly those in sole or small practices, of their current concern regarding possible changes to Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) legislation.
The legislation may be introduced as early as this year, but we don’t yet know its final shape. The Law Society of NSW continues our advocacy for practical measures that recognise both the bedrock principle of client legal privilege, and the existing statutory and ethical obligations that bind our profession and protect the public.
These existing obligations inform a new on demand interactive course to help practitioners strengthen their practice against money laundering and terrorism financing risks. The self-paced, interactive online course provides two claimable CPD points and is based on the Law Council of Australia’s recently issued guidance on AML/CTF.
The complimentary course covers:
- What money laundering (ML) and terrorism financing (TF) are
- Why it is important for solicitors to know about ML and TF
- The current AML/CTF regime
- Background information to the proposed reforms to AML/CTF legislation
- Tips to strengthen your legal practice against unwitting involvement in ML and TF, including:
- A reminder of solicitors’ existing relevant legal and ethical obligations
- How to identify and assess your practice’s risk
- Examples of ML and TF red flags
- How to respond to red flags
Irrespective of when the AML/CTF legislation is introduced, the Law Society is committed to providing continuing support and updated information to the profession.
I encourage practitioners to visit our AML/CTF Hub regularly for the latest information and additional resources as they become available.
Nurturing the lawyers of the future
In this bicentennial year of the Supreme Court of NSW, the Law Society has been honoured to have hosted the Chief Justice of NSW Andrew Bell at a number of regional events. The latest of these was on my home turf last Thursday and Friday in the Macarthur region.
The Chief Justice followed his speech to the Macarthur Regional Law Society on Thursday evening with an address on Friday morning to year 10 and 11 high school students at the first Young Justice event to be held outside the Sydney CBD since it began in 2018.
The event at Western Sydney University offered students from high schools from around the corner, to as far as Wagga Wagga, the opportunity to ask questions about the many pathways available in the legal profession.
I encourage practitioners to visit our AML/CTF Hub regularly for the latest information and additional resources as they become available.
Nurturing the lawyers of the future
In this bicentennial year of the Supreme Court of NSW, the Law Society has been honoured to have hosted the Chief Justice of NSW Andrew Bell at a number of regional events. The latest of these was on my home turf last Thursday and Friday in the Macarthur region.
The Chief Justice followed his speech to the Macarthur Regional Law Society on Thursday evening with an address on Friday morning to year 10 and 11 high school students at the first Young Justice event to be held outside the Sydney CBD since it began in 2018.
The event at Western Sydney University offered students from high schools from around the corner, to as far as Wagga Wagga, the opportunity to ask questions about the many pathways available in the legal profession.
The enthusiasm of these students to seek out a life serving the justice system and the rule of law was both inspiring and reassuring. Our future is in good hands.
Brett McGrath, President, Law Society of NSW
