Amendments to FID legislation passed by Upper House yesterday despite concerns from Opposition Senators

The Bill to amend the Financial Investigations Division (FID) Act was passed in the Upper House yesterday, despite concerns from Opposition Senators.

The amendment seeks to enhance the FID’s operational independence and comply with international standards of the Egmont Group of Financial Intelligence Units, and the Financial Action Task Force (FAT-F)

The Egmont Group facilitates secure international information exchange to combat money laundering, terrorism financing and associated financial crimes.

Addressing the Senate, Leader of Government Business, Senator Kamina Johnson Smith noted that the amendment addresses deficiencies identified by the Egmont Group, specifically boosting the FID’s autonomy in investigating financial crimes.

While Opposition Senators broadly accepted the objectives of the Bill, there were concerns, especially regarding the consistency with a government policy clause, which they argued could potentially allow for political interference.

Leader of Opposition Business, Senator Donna Scott Mottley, called for the removal of the term “government policy”.

This proposed amendment was rejected by Johnson Smith.

The amendments are expected to be given assent by the Governor General, then gazetted into law.