Federal Register of Legislation - Australian Government

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No. 8 of 2008 Rules/Other as made
These Rules amend the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No.1) to specify that the reporting period for the year 2008 will be from 1 January 2008 to 31 December 2008.
Administered by: Attorney-General's
Made 09 Dec 2008
Registered 06 Jan 2009
Tabled HR 03 Feb 2009
Tabled Senate 03 Feb 2009
Date of repeal 09 Apr 2013
Repealed by Attorney-General's (Spent and Redundant Instruments) Repeal Regulation 2013

 

 

 

 

 

 

 

 

 


Explanatory Statement – Anti-Money Laundering and Counter-Terrorism Financing Rules for AML/CTF Compliance Reports

 

 

1.         Purpose and operation of Anti-Money Laundering and Counter-Terrorism Financing Rules (AML/CTF Rules) amending Chapter 11 of the AML/CTF Rules

 

Section 229 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) provides that the AUSTRAC Chief Executive Officer may, by writing, make AML/CTF Rules prescribing matters required or permitted by any other provision of the AML/CTF Act.

 

Section 47 (AML/CTF compliance reports) of the AML/CTF Act states that AML/CTF Rules may specify the reporting period which a compliance report must cover, and also the lodgement period to AUSTRAC for that compliance report.  These AML/CTF Rules amend the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No.1) by amending Chapter 11, which contains the previous reporting and lodgement periods for compliance reports. 

 

The AML/CTF Rules specify that the reporting period for the year 2008 will be from 1 January 2008 to 31 December 2008.  The lodgement period will be three months from the end of the reporting period on 31 December 2008, which will flow automatically from the existing Chapter 11.

 

2.         Notes on sections

 

Section 1

 

This section sets out the name of the instrument, i.e. the Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2008 (No.8).

 

Section 2

 

This section specifies that the Instrument commences on the day after it is registered.

 

Section 3

 

This section contains a schedule which amends the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No.1) as follows:

 

 

Schedule 1

This schedule amends Chapter 11 of the AML/CTF Rules.

 

3.         Notes on paragraphs

 

Paragraph 1

 

This paragraph specifies the reporting period for the 2008 compliance report as the calendar year 2008.

 

4.         Legislative instruments

 

The AML/CTF Rules are legislative instruments as defined in section 5 of the Legislative Instruments Act 2003.

 

5.         Likely impact

 

These AML/CTF Rules will have a limited impact on reporting entities as they merely set the reporting period for the annual compliance report required by section 47 of the AML/CTF Act. This obligation was taken into account in the regulatory impact statement prepared at the time of the Anti-Money Laundering and Counter-Terrorism Financing Bill.  These AML/CTF Rules will not impact on the customers of reporting entities.

 

6.         Assessment of benefits

 

These AML/CTF Rules will benefit business as they provide certainty as to the relevant period for compliance reporting obligations under the AML/CTF Act.  

7.         Consultation

 

AUSTRAC has consulted with industry through its industry Consultative Forums in relation to these AML/CTF Rules.

 

8.         Ongoing consultation

 

AUSTRAC will conduct ongoing consultation with stakeholders on the operation of the AML/CTF Rules.