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21 December 2007
The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) was drafted with the intention to cover managed investment schemes. However, the issue of an interest in a managed investment scheme does not currently fall within item 35 of table 1 of section 6 of the AML/CTF Act. This exclusion is an unintended consequence of the interaction between provisions of the AML/CTF Act and the Corporations Act 2001.
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 AML/CTF obligations under the Act. These obligations will not be retrospective.
24-DEC-2007
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