The second period for consultation on the draft anti-money laundering reform package – expected to begin in May – has been delayed a few weeks to enable full consideration of industry views, and those of a Senate committee.

Justice Minister Chris Ellison will be using the extra time to assess and discuss first-hand experiences of the US and UK in implementing anti-money laundering reforms.

“While we are close to an agreed position, a small delay in releasing the revised bill will help to ensure that we get the balance right,” he said.

The Federal Government has received more than 120 submissions from industry representatives and other interested parties in support of the regime.

The feedback Mr Ellison receives in the lead-up to the second consultation period will also inform the draft legislative package during the consultation.

“I am confident the second consultation period will enable us to produce a regime that is fair to legitimate business while fulfilling Australia’s law-enforcement requirements and preserving privacy interests.”