Definitions
7 Definitions
In this Act:
census day, for a financial year, means:
1 July in that financial year; or
if the AUSTRAC CEO determines, by legislative instrument, another day in that financial year—that day.
exempt entity, for a financial year, means a leviable entity who, by operation of the AML/CTF Rules made under section 229 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006, or by instrument made under section 248 of that Act, was, on the census day for that year, exempt from Part 7 of that Act.
leviable entity, in relation to a financial year (the current year), means a person who:
is a reporting entity (within the meaning of section 5 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006) at any time in the previous financial year; and
on the census day for the current year:
is entered on the Reporting Entities Roll under Part 3A of that Act; or
is required, under section 51B of that Act, to apply to be entered on the Reporting Entities Roll; and
is not an exempt entity for the current year.
person has the same meaning as in the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006.
statutory limit, in relation to a financial year, means the amount that is 2 times the sum of all amounts appropriated by the Parliament for the purposes of AUSTRAC for the financial year.
This Act applies to a partnership, unincorporated association or trust as if the partnership, unincorporated association or trust were a person, but with the following changes:
an obligation that would otherwise be imposed on the partnership by this Act is imposed on each partner instead, but may be discharged by any of the partners;
an obligation that would otherwise be imposed on the association by this Act is imposed on each member of the association’s committee of management instead, but may be discharged by any of the members;
an obligation that would otherwise be imposed on the trust by this Act is imposed on each trustee instead, but may be discharged by any of the trustees.
This Act’s bill:Explanatory memorandumSecond reading speech
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.