New AML/CFT Financing Rules Amendment

New AML/CFT financing Rules Amendment Instrument 2009 (No 5) have been set. These specify that the compliance reporting period for 2009 commences on 1 January 2009 and ends on 31 December 2009 and a Fact Sheet can be found on the AUSTRAC website. Compliance Reports must be lodged between 1 January and 31 March 2010.

The new Rules also provide a definition of "exempt legal practition service" for the purpose of items 46 and 47 of table 1 in section6 of the AML/CTF Act.

• Item 46 relates to providing a custodial or depository service in the course of carrying on a business where the service is not an exempt legal practitioner service.
• Item 47 relate to providing a safe deposit box in the course of carryong on a business where the service is not an exempt legal practitioner service.

In addition, the Rules make provision for matters relating to cashing out of low superannuation fund balances, commodity warehousing of grain and friendly society closed funds..