5A Precious metal, precious stones and precious products
Precious metal
(1) Each of the following substances is a precious metal:
(a) gold;
(b) silver;
(c) platinum;
(d) iridium;
(e) osmium;
(f) palladium;
(g) rhodium;
(h) ruthenium;
(i) a substance prescribed by the AML/CTF Rules;
(j) an alloy substance with at least 2% in weight of any of the substances mentioned in paragraphs (a) to (i).
(2) For the purposes of subsection (1), it is immaterial whether the substance is in a manufactured or unmanufactured state.
Precious stones
(3) A precious stone is a substance that:
(a) has gem quality; and
(b) has market‑recognised beauty, rarity and value.
(4) For the purposes of subsection (3), it is immaterial whether the substance is natural, synthetic or reconstructed.
(5) Without limiting subsection (3), each of the following substances is a kind of precious stone:
(a) beryl;
(b) corundum;
(c) diamond;
(d) garnet;
(e) jadeite jade;
(f) opal;
(g) pearl;
(h) topaz;
(i) a substance prescribed by the AML/CTF Rules.
Precious products
(6) A precious product is any of the following that is made up of, containing or having attached to it, any precious metal or precious stone, or both:
(a) jewellery;
(b) a watch;
(c) an object of personal adornment not otherwise covered by paragraph (a) or (b);
(d) an article of goldsmiths’ or silversmiths’ wares.
Examples: A stainless steel watch with rubies set on the watch face, a platinum tie bar or a gold and pearl necklace.
(7) In subsection (6):
goldsmiths’ or silversmiths’ wares include such articles as ornaments, tableware, smokers’ requisites and other articles of personal, household, office or religious use.
6 Subsection 6(3)
Table 2—Bullion and precious metals, stones and products
(3) Table 2 is as follows:
Table 2—Bullion and precious metals, stones and products
1 buying or selling bullion, where the buying or selling is in the course of carrying on a bullion‑dealing business the buyer or the seller (as the case may be)
2 buying or selling one or more of the following items in the course of carrying on a business, where the purchase involves the transfer of physical currency or virtual assets (or a combination of physical currency and virtual assets) with a total value of not less than $10,000, whether the purchase is made in a single transaction or in several transactions that are linked or appear to be linked:(a) precious metal;(b) precious stones;(c) precious products;(d) any combination of any 2 or more of the items referred to in paragraphs (a) to (c) the buyer or the seller (as the case may be)
7 Section 5 (definition of exempt legal practitioner service)
express trust means a trust expressly and intentionally created in writing by a settlor but does not include a testamentary trust.
legal arrangement means:
(a) an express trust; or
(b) a partnership; or
(c) a joint venture; or
(d) an unincorporated association; or
(e) an arrangement, including a foreign arrangement such as a fiducie, treuhand or fideicomiso, similar to an arrangement mentioned in any of the above paragraphs.
nominee shareholder, in relation to a body corporate or legal arrangement, means a person who:
(a) holds shares or an interest in the body corporate or legal arrangement on behalf of another person (the nominator); and
(b) exercises voting rights associated with the shares or interest according to the instructions of the nominator, or receives dividends on behalf of the nominator, or both.
9 Subsection 6(2) (table item 46, column headed “Provision of a designated service”, paragraph (b))
(b) the service is not specified in the AML/CTF Rules
10 Before subsection 6(6)
Table 6—Professional services
(5B) Table 6 is as follows:
Table 6—Professional services
1 assisting a person in the planning or execution of a transaction, or otherwise acting for or on behalf of a person in a transaction, to sell, buy or otherwise transfer real estate, where:(a) the service is provided in the course of carrying on a business; and(b) the sale, purchase or other transfer is not pursuant to, or resulting from, an order of a court or tribunal the person
2 assisting a person in the planning or execution of a transaction, or otherwise acting for or on behalf of a person in a transaction, to sell, buy or otherwise transfer a body corporate or legal arrangement, where:(a) the service is provided in the course of carrying on a business; and(b) the sale, purchase or other transfer is not pursuant to, or resulting from, an order of a court or tribunal the person
3 receiving, holding and controlling (including disbursing) or managing a person’s:(a) money; or(b) accounts; or(c) securities and securities accounts; or(d) virtual assets; or(e) other property;as part of assisting the person in the planning or execution of a transaction, or otherwise acting for or on behalf of a person in a transaction, in the course of carrying on a business (other than in a circumstance covered by subsection (5C)) the person
4 assisting a person in organising, planning or executing a transaction, or otherwise acting for or on behalf of a person in a transaction, for equity or debt financing relating to:(a) a body corporate (or proposed body corporate); or(b) a legal arrangement (or proposed legal arrangement);in the course of carrying on a business the person
5 selling or transferring a shelf company, in the course of carrying on a business the buyer or transferee
6 assisting a person to plan or execute, or otherwise acting on behalf of a person in, the creation or restructuring of:(a) a body corporate (other than a corporation under the Corporations (Aboriginal and Torres Strait Islander) Act 2006); or(b) a legal arrangement;in the course of carrying on a business the person and:(a) if the body corporate is a company and the service is creating the company—the beneficial owners and directors of the company; or(b) if the legal arrangement is an express trust and the service is creating the express trust—the trustee, settlor and beneficiaries of the trust
7 acting as, or arranging for another person to act as, any of the following, on behalf of a person (the nominator), in the course of carrying on a business:(a) a director or secretary of a company;(b) a power of attorney of a body corporate or legal arrangement;(c) a partner in a partnership;(d) a trustee of an express trust;(e) a position in any other legal arrangement that is functionally equivalent to a position mentioned in any of the above paragraphs;other than in a circumstance covered by subsection (5E) the nominator
8 acting as, or arranging for another person to act as, a nominee shareholder of a body corporate or legal arrangement, on behalf of a person (the nominator), in the course of carrying on a business the nominator
9 providing a registered office address or principal place of business address of a body corporate or legal arrangement, in the course of carrying on a business the person to whom the service is provided
(5C) For the purposes of item 3 of the table in subsection (5B), the circumstances are as follows:
(a) the money, accounts, securities, securities accounts, virtual assets or other property being held or managed is payment by the person for the provision of goods or services by the business;
(b) both:
(i) the business does not provide any designated services other than the services referred to in item 3 of the table in subsection (5B); and
(ii) the money, accounts, securities, securities accounts, virtual assets or other property being held or managed is for payments reasonably incidental to the provision by the business of a service that is not a designated service;
(c) the money, accounts, securities, securities accounts, virtual assets or other property being held or managed is to be received or payable under an order of a court or tribunal;
(d) the service provided by the business is the receipt or disbursement of a payment mentioned in subsection (5D);
(e) the service is any other designated service;
(f) a circumstance specified in the AML/CTF Rules.
Note: An example of a circumstance to which paragraph (b) applies is fees paid to a barrister for representation in legal proceedings or property management services.
(5D) For the purposes of paragraph (5C)(d), the payments are:
(a) a payment to or from any of the following:
(i) a government body;
(ii) a court or tribunal of the Commonwealth, a State, a Territory or a foreign country;
(iii) a public international organisation;
(iv) a person who is licensed under a law of the Commonwealth, a State or a Territory to provide insurance, including self‑insured licensees; or
(b) a payment of a kind specified in the AML/CTF Rules.
(5E) For the purposes of item 7 of the table in subsection (5B), the circumstances are:
(a) acting, or arranging for another person to act, in a fiduciary capacity pursuant to, or as a result of, an order of a court or a tribunal; or
(b) acting as the trustee of a regulated debtor’s estate (within the meaning of Schedule 2 to the Bankruptcy Act 1966); or
(c) a circumstance specified in the AML/CTF Rules.
10A Before subsection 6(7)
Services provided by barristers on instructions of a solicitor
(6B) Despite anything in this section, a service is not a designated service if the service is provided by a person in the course of legal practice as a barrister on the instructions of a solicitor, if the instructions are given in connection with the provision of a designated service.