Commonwealth Numbered Regulations - Explanatory Statements

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ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING (IRAN COUNTERMEASURES) AMENDMENT (TRANSITIONAL) REGULATION 2014 (SLI NO 42 OF 2014)

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

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