Austrac proposes to increase the threshold value of shares sold for charitable purposes from $500 to $10,000 – but wishes to consult about the AML/CTF risks

AUSTRAC has released for comment draft amendments to Chapter 38 of the ‘Anti-Money Laundering and Counter Terrorism Funding (AML/CTF) Rules regarding ‘Sale of shares for charitable purposes’.

Austrac proposes amendments to Chapter 38 of these rules to increase the threshold for the disposal of parcels of shares to charities from $500 to $10,000. They consider that this higher threshold will encourage donations of higher monetary value while not increasing money-laundering and terrorism-financing risk.

They wish to consult about this however with comments due by 4 April 2016.

[Austrac website] [LTN 44, 7/3/16]