Combating the Financing of People Smuggling and Other Measures Act 2011

Here is a 150-200 word summary of the Combating the Financing of People Smuggling and Other Measures Act 2011:

The Combating the Financing of People Smuggling and Other Measures Act 2011 (Act) amends various provisions of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. The primary objectives of the Act are to enhance Australia's regulatory framework for preventing money laundering, financing of terrorism and people smuggling.

The Act introduces a new register, the Remittance Sector Register, which will maintain records of persons involved in remittances. Registration is required for persons engaged in remittances as independent remittance dealers or as affiliates of registered remittance network providers. The Act imposes conditions on registration, including requirements for reporting volume and destination of funds remitted.

The Act also provides for the cancellation of registrations where there are concerns about money laundering, financing of terrorism, or people smuggling. It introduces a new spent convictions scheme to prevent the impact of certain convictions on registration decisions. The Act is designed to strengthen Australia's regulatory framework to prevent the misuse of financial systems and associated crimes.