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ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING (IRAN COUNTERMEASURES) REGULATION 2014 (SLI NO 35 OF 2014) - REG 7

Prohibition of transactions

             (1)  For subsection 102(1) of the Act, a transaction is prohibited if:

                     (a)  it is a transaction that involves the provision by a reporting entity of one or more of the designated services mentioned in any of items 17, 29, 30, 31, 32 and 34 of table 1 in section 6 of the Act; and

                     (b)  the reporting entity is aware, or ought reasonably to be aware, at the time of the transaction, that a party to the transaction is:

                              (i)  an individual who is physically present in Iran; or

                             (ii)  a corporation incorporated in Iran; and

                     (c)  the value of the money or property involved in the transaction is not less than $20 000; and

                     (d)  none of the parties to the transaction is:

                              (i)  the Commonwealth, a State or a Territory; or

                             (ii)  a person exempted under section 9; and

                     (e)  the transaction does not relate to:

                              (i)  the Iranian Embassy in Australia; or

                             (ii)  the head or a member of the diplomatic staff of the Iranian Embassy who is entitled to any privileges or immunities under the Diplomatic Privileges and Immunities Act 1967 ; or

                            (iii)  the head or a member of staff of a consular post operated by Iran in Australia or an external Territory who is entitled to any privileges or immunities under the Consular Privileges and Immunities Act 1972 ; or

                            (iv)  the Australian Embassy in Iran; or

                             (v)  the head or a member of the diplomatic staff of the Australian Embassy who is entitled to any privileges or immunities under the Vienna Convention on Diplomatic Relations; and

                      (f)  the transaction is not exempt under section 8.

             (2)  A reporting entity must not provide a designated service in relation to a transaction prohibited under subsection (1).

Penalty:  50 penalty units.



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