Commonwealth Numbered Acts

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 (NO. 169, 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 Legislative Instruments Act 2003 .

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