EXPLANATORY STATEMENT
Issued by the Authority of the Minister for Justice
Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy (Consequential Amendments) Act 2011
Subsection 2(1) of the Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy (Consequential Amendments) Act 2011 (the Act) provides that Schedule 1 of the Act commences on a single day to be fixed by proclamation. However, if any of the provisions of Schedule 1 do not commence within the period of six months of the date the Act receives Royal Assent, then those provisions commence on the first day after the end of that six month period. The Act received Royal Assent on 28 June 2011.
The Proclamation fixes 1 November 2011 as the day on which Schedule 1 of the Act commences. The Proclamation will ensure that reporting entities as defined by section 5 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) are enrolled prior to the calculation of the 2011-12 Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy.
Schedule 1 of the Act amends the AML/CTF Act by inserting sections 51A-51G to make it mandatory for reporting entities to enrol with the Australian Transaction Reports and Analysis Centre (AUSTRAC). Mandatory enrolment will ensure that the data used by AUSTRAC to calculate liability to pay the levy accurately reflects the number of reporting entities and their status as leviable entities. It will also assist in the efficient and effective invoicing and collection of the levy.
The Proclamation is a legislative instrument for the purposes of the Legislative Instruments Act 2003.
Consultation did not take place for this legislative instrument. Extensive public consultation was undertaken in relation to the Act and its development, including the publication of a consultation paper, public meetings and meetings with key stakeholders. AUSTRAC is engaged in an extensive communications campaign to ensure that reporting entities are aware of the date of the commencement of these new obligations.