ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 102 Countermeasures

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 102

  (1)   The regulations may make provision for or in relation to prohibiting or regulating the entering into of transactions, where:

  (a)   both:

  (i)   one of the parties to the transaction is a resident of Australia; and

  (ii)   the other party, or any of the other parties, is a resident of a prescribed foreign country; or

  (b)   both:

  (i)   one of the parties to the transaction enters into the transaction in the course of carrying on an activity or business at or through a permanent establishment of the party in Australia; and

  (ii)   the other party, or any of the other parties, is a resident of a prescribed foreign country; or

  (c)   both:

  (i)   one of the parties to the transaction is a resident of Australia; and

  (ii)   the other party, or any of the other parties, is a corporation incorporated in a prescribed foreign country; or

  (d)   both:

  (i)   one of the parties to the transaction enters into the transaction in the course of carrying on an activity or business at or through a permanent establishment of the party in Australia; and

  (ii)   the other party, or any of the other parties, is a corporation incorporated in a prescribed foreign country; or

  (e)   both:

  (i)   one of the parties to the transaction is a resident of Australia; and

  (ii)   the other party, or any of the other parties, is an individual who is physically present in a prescribed foreign country; or

  (f)   both:

  (i)   one of the parties to the transaction enters into the transaction in the course of carrying on an activity or business at or through a permanent establishment of the party in Australia; and

  (ii)   the other party, or any of the other parties, is an individual who is physically present in a prescribed foreign country.

Note:   For resident , see section   14.

  (2)   Regulations made for the purposes of subsection   (1):

  (a)   may be of general application; or

  (b)   may be limited by reference to any or all of the following:

  (i)   a specified transaction;

  (ii)   a specified party;

  (iii)   a specified prescribed foreign country.

Note 1:   For specification by class, see subsection   13(3) of the Legislation Act 2003 .

Note 2:   For consultation requirements, see section   17 of the Legislation Act 2003 .