The AML/CTF Legislation: Using Red Tape to Fight Crime

In the article below, Tony Morris KC addresses the ‘Brave New World’ of the Anti-Money Laundering and Counter-terrorism Financing Act 2006, and the Anti-Money Laundering and Counter-terrorism Financing Rules Instrument 2007’. Such Commonwealth legislation – referred to commonly as ‘The AML/CTF Legislation’ – introduced strict requirements in respect of information provision by ‘reporting entities’ which include banks, and indeed – as the legislation is presently framed – barristers. 

Tony includes his personal experience of ‘interrogation’ by his own bank, as a ‘reporting entity’, concerning his practice receipts. While ameliorating legislation has been enacted, and will come into force on 1 July 2026, the same will only obviate counsel being such a ‘reporting entity’ upon a conventional brief, but not a direct access brief. Even then, as Tony makes clear, there are residual concerns. While a relatively lengthy piece for Hearsay, the article repays reading, and indeed study. The article is indexed for the convenience of the reader. Thanks to Tony for this informative piece, written for Hearsay by one of our own leading counsel.

The AML/CTF Legislation – Using Red Tape to Fight Crime!