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Austrac interprets confused item

AUSTRAC HAS released its interpretation of the legislation underpinning Australia’s anti-money launder and counter-terrorism financing (AML/CTF) reforms. The agency has detailed in its…

user iconLawyers Weekly • 23 May 2008 • NewLaw
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AUSTRAC HAS released its interpretation of the legislation underpinning Australia’s anti-money launder and counter-terrorism financing (AML/CTF) reforms.

 
 

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The agency has detailed in its publication series, this Public Legal Interpretation (PLI), information about Australian financial services license holders captured under item 54 of AML/CTF.

Neil Jensen, AUSTRAC CEO said: “This resource has been developed in response to feedback from this sector and to further clarify the interpretation of this part of the Act.”

Jensen says the issue was so important that Austrac brought the topic forward in their series of publications, in order to meet industry demand for updated information about item 54.

The item 54 information published finds that individuals holding an Australian financial services license, or acting in the capacity of the holder, can make arrangements for a person to receive a “designated service” and are, therefore, defined in section 6 of the Act to have obligations.

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