Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (110 of 2024)

Schedule 3   Regulating additional high-risk services

Part 3   Professional services

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

8   Section 5

Insert:

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.