Queensland credit business duty abolished from 1 January 2006

Queensland credit business duty will not be payable on any credit transactions on or after 1 January 2006.

However duty will be payable on transactions before 1 January 2006.

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Draft anti-money laundering and counter-terrorism financing Bill released

The Minister for Justice and Customs, Senator the Hon Chris Ellison, has released an exposure AML/CTF Bill and sample AML/CTF Rules.

The exposure Bill and sample AML/CTF Rules will be available for public comment until Thursday 13 April 2006.

The exposure Bill regulates money laundering and terrorism financing risks specific to a range of industry sectors. The general principles for the proposed AML/CTF system are set out in legislation, supplemented by legally-binding AML/CTF Rules, and non-binding Guidelines.

AML/CTF Rules, being developed by the Australian Transaction Reports and Analysis Centre (AUSTRAC) in consultation with industry, will set out specific requirements on matters such as identity verification, ongoing due diligence, reporting of suspicious matters, and the development of AML/CTF Programs.

The new laws will affect the following industry sectors:

• Accountants and financial planners
• Banks, building societies and credit unions
  
• Bullion dealers
• Bureaux de change
• Casinos
• Gambling service providers
• Insurance sector
• Remittance service providers
• Legal practitioners
• Securities and derivatives dealers

The Bill would impose either civil penalties, including fines, or criminal penalties for more serious failure to comply with the new regulations.

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Seasons' Greetings
We wish you a safe and happy holiday season and a prosperous 2006!

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