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

Link to law: https://www.comlaw.gov.au/Details/F2014L00409

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Anti‑Money Laundering and Counter‑Terrorism Financing (Iran Countermeasures) Amendment (Transitional) Regulation 2014
 
Select Legislative Instrument No. 42, 2014
I, General the Honourable Sir Peter Cosgrove AK MC (Ret’d), Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulation.
Dated 14 April 2014
Peter Cosgrove
Governor‑General
By His Excellency’s Command
Michael Keenan
Minister for Justice
 
 
  
  
Contents
1............ Name of regulation.............................................................................. 1
2............ Commencement................................................................................... 1
3............ Authority............................................................................................. 1
4............ Schedule(s)......................................................................................... 1
Schedule 1—Amendments                                                                                                2
Anti‑Money Laundering and Counter‑Terrorism Financing (Iran Countermeasures) Regulation 2014       2
 
1  Name of regulation
                   This regulation is the Anti-Money Laundering and Counter-Terrorism Financing (Iran Countermeasures) Amendment (Transitional) Regulation 2014.
2  Commencement
                   This regulation is taken to have commenced on 1 April 2014.
3  Authority
                   This regulation is made under the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006.
4  Schedule(s)
                   Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.
Schedule 1—Amendments
  
Anti‑Money Laundering and Counter‑Terrorism Financing (Iran Countermeasures) Regulation 2014
1  After section 9
Insert:
10  Transitional—exemptions in force before 1 April 2014 etc.
Exemptions for transactions
             (1)  If:
                     (a)  a transaction had been exempted from regulation 7 of the Anti‑Money Laundering and Counter‑Terrorism Financing Regulations 2008 (the old Regulations) under regulation 8 of the old Regulations; and
                     (b)  the exemption was in force immediately before 1 April 2014;
then the exemption for the transaction is taken, on and after 1 April 2014, to be an exemption for the transaction from section 7 of this regulation.
Exemptions for persons
             (2)  If:
                     (a)  a person had been exempted from regulation 7 of the old Regulations under regulation 9 of the old Regulations; and
                     (b)  the exemption was in force immediately before 1 April 2014;
then the exemption for the person is taken, on and after 1 April 2014, to be an exemption for the person from section 7 of this regulation.
Applications for exemptions not decided before 1 April 2014—transactions
             (3)  If:
                     (a)  an application had been made before 1 April 2014 under regulation 8 of the old Regulations for a transaction to be exempt from regulation 7 of the old Regulations; and
                     (b)  the application had not been decided before 1 April 2014;
then the application is taken to be an application under section 8 of this regulation for the transaction to be exempt from section 7 of this regulation.
Applications for exemptions not decided before 1 April 2014—persons
             (4)  If:
                     (a)  an application had been made before 1 April 2014 under regulation 9 of the old Regulations for a person to be exempt from regulation 7 of the old Regulations; and
                     (b)  the application had not been decided before 1 April 2014;
then the application is taken to be an application under section 9 of this regulation for the person to be exempt from section 7 of this regulation.