The FAAA has sought clarification from the government regarding new tax and corporate whistleblowing protections, particularly how they will relate to anti-money laundering and counter terrorism financing obligations for advisers.

In a Treasury submission, the association welcomed and expressed its support for stronger protections for whistleblowers and encourage them to help identify and address misconduct.

As part of its feedback, the FAAA highlighted four recommendations:

1. For the corporate and tax whistleblower regimes to recognise the role of AUSTRAC and provide greater clarity on how the anti-money laundering and counter-terrorism financing (AML/CTF) framework interacts with whistleblower obligations and protections.
2. That individuals and entities who make disclosures in good faith to professional bodies should be covered by whistleblower protections.
3. Professional bodies receiving whistleblower disclosures in good faith, and referring them to the appropriate regulator or government agency, should be afforded third-party whistleblower protections.
4. Regulators and government agencies should be permitted to share relevant whistleblower information with Tax Practitioners Board-recognised professional bodies and ASIC-prescribed associations.

Of specific concern for the FAAA is how the provisions within the new whistleblowing regime will interact with AML/CTF SMR obligations.

The FAAA highlighted that the current AML/ACT requires AUSTRAC reporting entities to submit an SMR...

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