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This phoenix may not rise

Every director of an Australian company will soon be allocated a unique Director Identification Number (DIN) in an effort to stop unscrupulous directors from engaging in “phoenixing” activities. Phoenixing refers to the practice of stripping a company of all its assets, liquidating it, moving the assets to another corporate entity and carrying on business as usual under the guise of the new company. This practice leaves creditors out of pocket and is estimated to cost the Australian economy more than $3 billion per annum.

Key improvements for reporting entities regarding their Anti-Money Laundering and Counter-Terrorism Financing obligations

Under section 47 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Act), reporting entities are required to give the Australian Transaction Reports and Analysis Centre a report regarding their compliance with the Act. Reports are due annually by 31 March each year.

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