AUSTRAC has signalled the end of the grace period under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) with its first enforcement action under the Act leading to AUSTRAC accepting enforceable undertakings from Barclays Bank and Mega International Commercial Bank Co in relation to their obligations under the Act.

Further, AUSTRAC has released the Report10, AUSTRAC Typologies and Case Studies Report 2009. According to the media release11, the Report outlines the ‘latest money laundering methods and details of other financial crimes’, and provides case studies which ‘illustrate the practical importance of businesses complying with their obligations under Australia's [AML/CTF] legislation’. In particular, the Report discusses early release superannuation schemes (Case Study 34 and Case Study 42) and provides an example of theft of A$1.5 million from superannuation funds (Case Study 30).