Anti-Money Laundering and Counter-Terrorism Financing (Iran Countermeasures) Amendment (Transitional) Regulation 2014

Administered by Attorney-General's Department

Legislation au F2014L00409 Regulations Not in force Legislative Instrument

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EXPLANATORY STATEMENT

 

Select Legislative Instrument No. 42, 2014

 

Issued by the authority of the Minister for Justice

 

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

 

Anti‑Money Laundering and Counter‑Terrorism Financing (Iran Countermeasures) Amendment (Transitional) Regulation 2014

 

 

Section 252 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (the Act) provides, in part, that the Governor‑General may make regulations prescribing matters required or permitted to be prescribed by the Act, or necessary or convenient to be prescribed for carrying out or giving effect to the Act.

 

Part 9 of the Act allows regulations to be made which prohibit or regulate the entering into of transactions with residents of prescribed foreign countries.

 

The Regulation amends the Anti-Money Laundering and Counter-Terrorism Financing (Iran Countermeasures) Regulation 2014 (the new regulation) to provide that where a transaction or person had been exempted from regulation 7 of the Anti-Money Laundering and Counter‑Terrorism Financing Regulations 2008 (the old regulations), and the exemption was in force immediately before 1 April 2014, then the exemption is taken to continue in force on and after that date as if it were an exemption that had been given under the new regulation.

The Regulation also makes it clear that where an application for an exemption had been made under the old regulations but the application had not been decided before 1 April 2014, then the application is taken to be an application made under the new regulations. Applicants would therefore not be required to re-submit their applications.

Details of the Regulation are set out in Attachment A.

 

A Statement of Compatibility with Human Rights prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny Act) 2011 is set out in Attachment B.

 

The Act specifies no conditions that need to be satisfied before the power to make the Regulation may be exercised.

 

The Regulation is a legislative instrument for the purposes of the Legislative Instruments Act 2003.

 

The Regulation applies with retrospective effect from 1 April 2014. The Office of Parliamentary Counsel has confirmed that the retrospectivity of the Regulation does not offend subsection 12(2) of the Legislative Instruments Act 2003, as no rights of any person (other than the Commonwealth) as at the date of registration are affected so as to disadvantage any person, and no liabilities are imposed on a person (other than the Commonwealth) in respect of anything done or omitted to be done before registration.

Consultation was unnecessary for this Regulation as the instrument is of a minor or machinery nature only. It is intended to clarify and not substantially alter existing arrangements.


ATTACHMENT A

 

Details of the Anti‑Money Laundering and Counter‑Terrorism Financing (Iran Countermeasures) Amendment (Transitional) Regulation 2014

 

Section 1 – Name of Regulation

 

This section provides that the title of the Regulation is the Anti‑Money Laundering and Counter‑Terrorism Financing (Iran Countermeasures) Amendment (Transitional) Regulation 2014.

 

Section 2 – Commencement

 

This section provides that the Regulation commenced with retrospective effect from 1 April 2014.

 

Section 3 – Authority

 

This section provides that the Regulation is made under the Anti-Money Laundering and Counter‑Terrorism Financing Act 2006.

 

Section 4 – Schedule(s)

 

This section provides for the amendment of the Anti-Money Laundering and Counter‑Terrorism Financing (Iran Countermeasures) Regulations 2014 as set out in the applicable items in the Schedule concerned.

 

SCHEDULE 1 – AMENDMENTS

 

Section 10 - Transitional—exemptions in force before 1 April 2014 etc.

 

Subsection (1) - Exemptions for transactions

 

This subsection provides that where a transaction had been exempted under the Anti-Money Laundering and Counter‑Terrorism Financing Regulations 2008, and the exemption was in force immediately before 1 April 2014, then the exemption for the transaction is taken to continue in force on and after that date as if it were an exemption that had been given under the Anti‑Money Laundering and Counter‑Terrorism Financing (Iran Countermeasures) Regulation 2014.

 

Subsection (2) - Exemptions for persons

 

This subsection provides that where a person had been exempted from regulation 7 of the Anti-Money Laundering and Counter‑Terrorism Financing Regulations 2008, and the exemption was in force immediately before 1 April 2014, then the exemption for the person is taken to continue in force on and after that date as if it were an exemption that had been given under section 9 of the Anti‑Money Laundering and Counter‑Terrorism Financing (Iran Countermeasures) Regulation 2014.

 

Subsection (3) - Applications for exemptions not decided before 1 April 2014—transactions

 

This subsection makes it clear that where an application for a transaction exemption had been made before 1 April 2014 under regulation 8 of the Anti-Money Laundering and Counter‑Terrorism Financing Regulations 2008 and the application had not been decided before 1 April 2014, then the application is taken to be an application made under section 8 of the Anti-Money Laundering and Counter‑Terrorism Financing (Iran Countermeasures) Regulations 2014.

 

Subsection (4) - Applications for exemptions not decided before 1 April 2014—persons

 

This subsection makes it clear that where an application for a personal exemption had been made before 1 April 2014 under regulation 9 of the Anti-Money Laundering and Counter‑Terrorism Financing Regulations 2008 and the application had not been decided before 1 April 2014, then the application is taken to be an application made under section 9 of the Anti-Money Laundering and Counter‑Terrorism Financing (Iran Countermeasures) Regulations 2014.

 


ATTACHMENT B

Statement of Compatibility with Human Rights

Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011

Anti-Money Laundering and Counter-Terrorism Financing (Iran Countermeasures) Amendment (Transitional) Regulation 2014

This Legislative Instrument is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.

Overview of the Legislative Instrument

The Anti‑Money Laundering and Counter‑Terrorism Financing (Iran Countermeasures) Amendment (Transitional) Regulation 2014 (the Regulation) amends the Anti-Money Laundering and Counter-Terrorism Financing (Iran Countermeasures) Regulation 2014 (the new regulation) to provide that where a transaction or person had been exempted from regulation 7 of the Anti-Money Laundering and Counter‑Terrorism Financing Regulations 2008 (the old regulations), and the exemption was in force immediately before 1 April 2014, then the exemption is taken to continue in force on and after that date as if it were an exemption that had been given under the new regulation.

The Regulation also makes it clear that where an application for an exemption had been made under the old regulations but the application had not been decided before 1 April 2014, then the application is taken to be an application made under the new regulations. Applicants would therefore not be required to re-submit their applications.

Human rights implications

This Legislative Instrument does not engage any of the applicable rights or freedoms.

Conclusion

This Legislative Instrument is compatible with human rights as it does not raise any human rights issues.

 

 

The Hon Michael Keenan MP

Minister for Justice

Overview

The Anti-Money Laundering and Counter-Terrorism Financing (Iran Countermeasures) Amendment (Transitional) Regulation 2014 was introduced to address the transition from the Anti-Money Laundering and Counter-Terrorism Financing Regulations 2008 to the Anti-Money Laundering and Counter-Terrorism Financing (Iran Countermeasures) Regulation 2014. Enacted by the Australian Parliament, this regulation aimed to ensure a smooth transition by maintaining existing exemptions and applications for exemptions that were in force immediately before 1 April 2014. This transitional approach avoids the need for re-submission of applications, thereby maintaining continuity and minimising disruption to affected parties. The regulation applies with retrospective effect from 1 April 2014, ensuring that the legal status of ongoing transactions and applications remains unchanged.

Scope and Application

The Anti-Money Laundering and Counter-Terrorism Financing (Iran Countermeasures) Amendment (Transitional) Regulation 2014 applies to transactions and persons that had been exempted from the Anti-Money Laundering and Counter-Terrorism Financing Regulations 2008 (the old regulations) and to applications for exemptions that had not been decided before 1 April 2014. The Regulation ensures that these exemptions and pending applications continue to be recognised under the new Anti-Money Laundering and Counter-Terrorism Financing (Iran Countermeasures) Regulations 2014 (the new regulation), thereby preventing the need for re-submission of applications and maintaining continuity in regulatory oversight. The Regulation applies to all relevant transactions and persons within the Commonwealth of Australia and is designed to provide a seamless transition from the old regulations to the new regime. It does not introduce new exemptions or thresholds, but rather clarifies and maintains existing arrangements, ensuring that no gaps in regulatory coverage occur as a result of the transition. The Regulation extends its application through the transitional provisions outlined in the Schedule, which specifically addresses the continuity of exemptions and pending applications.

Key Provisions

The Anti-Money Laundering and Counter-Terrorism Financing (Iran Countermeasures) Amendment (Transitional) Regulation 2014 provides a mechanism to ensure continuity of exemptions and pending applications for exemptions under the Anti-Money Laundering and Counter-Terrorism Financing Regulations 2008, which were in force prior to 1 April 2014, the commencement date of the new regulation. Under section 10 of Schedule 1, any transaction or person that was exempted from regulation 7 of the Anti-Money Laundering and Counter-Terrorism Financing Regulations 2008, and the exemption was in force immediately before 1 April 2014, continues to be exempt as if the exemption had been granted under the new regulation (subsections (1) and (2)). Furthermore, any application for an exemption that was made under the Anti-Money Laundering and Counter-Terrorism Financing Regulations 2008 but had not been decided before 1 April 2014, is taken to be an application made under the new regulation (subsections (3) and (4)). The obligations and requirements imposed by the Regulation are primarily focused on ensuring a smooth transition of existing exemptions and pending exemption applications to the new regulatory framework. Entities or individuals who had been granted exemptions or had pending exemption applications under the old regulation must ensure that these remain current under the new regulation. The Regulation requires that no new applications are submitted for exemptions that were already pending under the old regulation, thereby streamlining the process for those affected. The requirement to transition existing exemptions and applications is aimed at maintaining the integrity and continuity of the regulatory framework without imposing additional burdens on those who were already compliant under the old regulation. Breach of the provisions in the Regulation could result in civil or criminal penalties under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. For instance, knowingly or recklessly contravening the regulations could result in penalties, including fines and imprisonment. The maximum penalty for strict liability offences is generally set out in the Act, with significant fines and imprisonment terms for more severe breaches. Additionally, entities that fail to comply with the requirements may face reputational damage and potential regulatory action, including the imposition of administrative penalties. It is important for regulated entities to adhere strictly to the transitional provisions to avoid any legal repercussions or financial penalties.

Legal classification tags

Area of Law
Anti-Money Laundering Law
International Trade Law
Instrument
Regulation
Concepts
Definitions & Interpretation
Transitional Provisions
Exemptions & Exclusions

Interactions

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