Federal Register of Legislation - Australian Government

Primary content

Rules/Other as made
This instrument amends the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1) to specify the conditions that must be met so an issue of an interest in a litigation funding scheme is exempt from the operation of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and to define the term litigation funding scheme.
Administered by: Home Affairs
Exempt from sunsetting by the Legislation (Exemptions and Other Matters) Regulation 2015 s12 item 06
Registered 30 Nov 2021
Tabling HistoryDate
Tabled HR02-Dec-2021
Table of contents.

Commonwealth Coat of Arms of Australia

 

Anti-Money Laundering and Counter‑Terrorism Financing Rules Amendment Instrument 2021 (No. 2)

I, Nicole Rose, Chief Executive Officer, Australian Transaction Reports and Analysis Centre, make the following legislative instrument.

Dated   30 November 2021

           

[signed]

Nicole Rose PSM

Chief Executive Officer

Australian Transaction Reports and Analysis Centre

 

 

 


Contents

1  Name........................................................................................................................................ 1

2  Commencement........................................................................................................................ 1

3  Authority.................................................................................................................................. 1

4  Schedules................................................................................................................................. 1

Schedule 1—Amendments                                                                                            2

Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1) 2

 

 


1  Name

                   This instrument is the Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2021 (No. 2).

2  Commencement

             (1)  Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  Sections 1 to 4 and anything in this instrument not elsewhere covered by this table

The day after registration.

 

2.  Schedule 1

The day after registration.

 

Note:          This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

             (2)  Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3  Authority

                   This instrument is made under section 229 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.

4  Schedules

                   Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1Amendments

Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1)

1  Chapter 21

After paragraph 21.3(4)(e) of Chapter 21: insert:

(5)       an issue of an interest in a litigation funding scheme in circumstances where:

(a)        the person issuing the interest holds an Australian Financial Services Licence; and

(b)        the litigation funding scheme is either:

(i)         registered with the Australian Securities and Investments Commission; or

(ii)        under subsection 601ED(2) of the Corporations Act 2001, not required to be registered.

2  Chapter 21

            After paragraph 21.4(4) of Chapter 21: insert:

(4A)     ‘litigation funding scheme’ has the meaning given by Regulation 7.1.04N(3) of the Corporations Regulations 2001.