New AUSTRAC public legal interpretation - What constitutes a reporting entity - 14 July 2008
On 4 July 2008 the Australian Transaction Reports and Analysis Centre (AUSTRAC) released the fourth publication of its Public Interpretation Series. Through the Public Interpretation Series, AUSTRAC sets out its views on some of the more common and complex issues posed by the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
Anti money laundering changes for securities dealing - 5 May 2008
On Friday 2 May 2008, the much awaited Anti-Money Laundering and Counter-Terrorism Financing Rule relating to securities dealing was made by the Acting CEO of AUSTRAC (Securities Rule).
Managed investment scheme issuers are now subject to anti-money laundering laws - 30 January 2008
On Thursday 31 January 2008, the Anti-Money Laundering and Counter-Terrorism Financing Regulations 2008 will take effect under the Anti-Money Laundering and Counter Terrorism Financing Act 2006 (AML/CTF Act).
AUSTRAC clarifies treatment of securities dealing and other AML/CTF Act developments - 31 August 2007
On Friday 31 August 2007, the Australian Transaction Reports and Analysis Centre (AUSTRAC) released draft anti-money laundering and counter-terrorism financing (AML/CTF) Rules.
AML/CTF Act Tranche 2 - Will you be covered? - 14 August 2007
The Anti-Money Laundering and Counter Terrorism Financing Act 2006 currently covers a range
of financial and gambling designated services. The government proposes to amend the Act to cover a range of activities.
Takeovers Panel releases guidance note on insider participation in control transactions - 12 June 2007
On 7 June 2007 the Panel released Guidance Note 19: Insider Participation in Control Transactions.
AUSTRAC releases rules on compliance reporting - 15 May 2007
On Tuesday 15 May 2007, the Australian Transaction Reports and Analysis Centre (AUSTRAC) released draft anti-money laundering and counter-terrorism financing (AML/CTF) Rules (Draft Rules) setting out, for consultation purposes, the proposed reporting period and lodgment period for the first compliance report under the AML/CTF Act 2006.
Anti-money laundering - AML/CTF Rules finalised - 2 April 2007
On 30 March 2007, the Australian Transaction Reports and Analysis Centre (AUSTRAC) made new Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Rules under the AML/CTF Act 2006. These AML/CTF Rules relate to most AML/CTF obligations that commence on 12 June 2007 and on 12 December 2007.
AML/CTF Act has commenced - 14 December 2006
The Australian Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) has commenced. It received Royal Assent on 12 December 2006. Some key obligations under the Act commenced on 13 December 2006 as follows.
Australian Parliament passes AML/CTF Acts - 7 December 2006
On 7 December 2006, the Australian Senate passed the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) and the Anti-Money Laundering and Counter-Terrorism Financing (Transitional Provisions and Consequential Amendments) Act 2006. There are heavy penalties for non compliance.
E-commerce amendments to the Consumer Credit Code - 29 August 2006
The Consumer Credit Code will be amended to facilitate electronic contracts and electronic notices. The e-commerce amendments to the Consumer Credit Code have now been passed, but are still to be proclaimed. The final regulations have been gazetted, but are also yet to be proclaimed. Proclamation will occur at some point after the Queensland election, to be held on 9 September 2006.
New Anti-Money Laundering and Counter-Terrorism Financing Bill - 13 July 2006
On 13 July 2006, the Minister for Justice and Customs released a revised exposure draft of the Anti-Money Laundering and Counter-Terrorism Financing Bill. Submissions were due by 4 August 2006. The second draft of the Bill leaves various issues unresolved and adds new obligations.
Financial Transaction Reports Amendment Bill 2006 - 27 June 2006
The Financial Transaction Reports Amendment Bill 2006 has been introduced into Parliament and will refine Division 3A of Part II of the Financial Transaction Reports Act 1988 regarding sender information that accompanies international funds transfer instructions. This will be done by amending the definition of “account” (for Division 3A) and “customer information”. Division 3A will apply to authorised deposit taking institutions only and not to all “cash dealers”.
Anti-Money Laundering and Counter-Terrorism Financing Bill: summary of draft - 31 January 2006
The Australian Government has proposed a new legislative regime to combat money laundering and terrorism financing. The regime is intended to help bring Australia into full compliance with the international AML/CTF obligations set down by the Financial Action Task Force and various treaties and conventions.
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