Regulator Austrac has released a Public Legal Interpretation (PLI) in preparation for the December 12 date, when all reporting entities will be required to submit suspicious matters, under the first phase of Australia's anti-money laundering (AML) and counter-terrorism laws.

The sixth in a series, the PLI aims to explain various provisions and obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) and the Financial Transaction Reports Act 1988 (FTR Act).

The PLI is focused on the requirements to report suspect transactions and suspicious matters, and it also sets out Austrac's view on the general prohibition on the use of these reports as evidence.

"The PLI series is an important channel, through which Austrac provides guidance about some of the more complex legal issues affecting cash dealers and reporting entities," Austrac chief executive Neil Jensen said.

"This latest topic is significant, as it touches on the current FTR Act reporting requirements, as well as the reporting requirements soon coming into effect under the AML/CTF Act."

The Financial Transaction Reports Amendment (Transitional Arrangements) Bill 2008 was recently introduced into parliament.

It provides for affected entities, which currently report to Austrac as cash dealers under the FTR Act, to continue to report in the same way during their transition to the new reporting format.

According to Austrac, this will assist entities with the transition from the FTR Act reporting obligations to their AML/CTF Act reporting obligations.