AUSTRAC update – more fees possible

AUSTRAC has responded to POAAL's queries regarding other fees that may be charged to Licensees.The Government has proposed that a fee of $1.06 be charged for international funds transfer reports and threshold transaction reports.It is possible at this stage that this $1.06 fee could be charged to Licensees. This would be in addition to the proposed $500 annual fee.POAAL is lobbying against any move by the Government to impose fees on Licensees whose LPO are deemed reporting entities under the AML/CTF Act. We have already held discussions with AUSTRAC and will be meeting senior AUSTRAC representatives face-to-face very soon. We will also be meeting with representatives from the Minister for Home Affairs next week.Your support is needed. We need to act now to protest against the introduction of any fees. It is unjust for the Government to charge you to do work for AUSTRAC.POAAL has prepared a revised pro forma letter for Licensees to use to write to the Minister for Home Affairs, Brendan O'Connor. If you haven't already written to the Minister, please do so today. The more Licensees who write to the Minister, the stronger our position will be when we meet with his office next week.The Minister's contact details:The Hon Brendan O'Connor MPMinister for Home AffairsParliament HouseCANBERRA ACT 2600Fax: (02) 6277 7290 or (03) 8361 6577Download the revised pro forma letter. (PDF)