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

Schedule 3   Regulating additional high-risk services

Part 1   Real estate

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

1   Section 5

Insert:

land includes:

(a) land in Australia or a foreign country; and

(b) land the subject of a subdivision arrangement.

land use entitlement means an entitlement to occupy land conferred through an ownership of shares in a company or units in a unit trust scheme, or a combination of a shareholding or ownership of units together with a lease or licence.

real estate means:

(a) any of the following interests in land in Australia:

(i) a fee simple interest;

(ii) a leasehold interest;

(iii) a land use entitlement; or

(b) an interest, estate, right or entitlement in land in a foreign country that:

(i) is equivalent to an interest mentioned in paragraph (a); or

(ii) otherwise confers ownership rights on the holder of that interest, estate; right or entitlement; or

(c) an interest prescribed by the regulations;

but does not include the following:

(d) incorporeal hereditaments;

(e) the interest of a mortgagee;

(f) a leasehold interest under a lease for a term (excluding options for further terms) of 30 years or less;

(g) any other interest, estate, right or entitlement in land in a foreign country that is equivalent to an interest mentioned in paragraph (d), (e) or (f);

(h) an interest prescribed by the regulations.

subdivision arrangement means:

(a) an arrangement:

(i) under which the title (whether freehold or leasehold) to a portion of land is subdivided into separate freehold or leasehold titles relating to smaller portions of land within the first-mentioned portion; and

(ii) under which property that is common between the owners or occupiers of the smaller portions is owned or managed by a single body corporate (however described); and

(iii) that exists under a law, of the State or Territory in which the land is located, relating to "strata titles", "community titles", "unit titles", "cluster titles" or something referred to by another term reflecting the features referred to in subparagraphs (i) and (ii); or

(b) an arrangement under which:

(i) a body corporate owns an interest (whether freehold or leasehold) in land; and

(ii) under the constitution of the body corporate, a holder of shares in the body has, or may be granted, a right to occupy or use some or all of the land, whether the right is by way of a lease or licence or otherwise; or

(c) an arrangement in relation to which all of the following subparagraphs apply:

(i) under the arrangement, an interest (whether freehold or leasehold) in land is held on trust;

(ii) under the terms of the trust, a holder of an interest in the trust has, or may be granted, a right to occupy or use part of the land, whether the right is by way of a lease or licence or otherwise;

(iii) the trustee of the trust is a body corporate;

(iv) there are at least 2 distinct parts of the land for which subparagraph (ii) is satisfied.