Proposed regulations under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009

The Minister of Justice on 28 March 2013 gave notice that she intends to make recommendations that regulations are made to prescribe the matters described below.

Employer-sponsored superannuation schemes:

Exemptions will be provided for a certain class of employer-sponsored superannuation schemes where the risk of money laundering or the financing of terrorism occurring is very low. The class of employer-sponsored superannuation schemes eligible for exemption will be based on the class identified in the Securities Act (Employer Superannuation Schemes) Exemption Notice 2004.

Subsidiary companies of excluded persons and other services:

Regulation 20 of the Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Regulations 2011 will be expanded by way of clarification to include subsidiary companies that carry on the ordinary business of an excluded person.

Regulation 20 will also be expanded to exempt executors, administrators, or trustees in respect of services provided in the administration of an estate or a trustee, or in respect of services provided to beneficiaries of a family trust ... READ MORE

Released by Minter Ellison Rudd Watts - 28 March 2013