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ARTICLE · 03 JANUARY 2008

AML Update: Managed Investment Schemes

Minter Ellison
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AUSTRAC has updated its statement on the unintended exemption of managed investment schemes from the operation of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.

AustraliaGovernment, Public Sector
Richard Batten
Richard Batten

AUSTRAC has updated its statement on the unintended exemption of managed investment schemes from the operation of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). The revised statement is dated 21 December 2007 (the previous statement dated 11 December 2007 no longer appears on AUSTRAC's website). It can be found by clicking here.

AUSTRAC's revised update states that the Government intends to make a regulation as soon as possible to ensure that businesses that issue interests in managed investment schemes are subject to obligations under the AML/CTF Act. The information update also indicates that these obligations will not be retrospective. The regulation will need to be tabled in Parliament and may be disallowed by either House within 15 sitting days. However, the regulation can take effect immediately on being made.

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