The Austrac declaration relating to managed investment schemes has been updated.

This declaration instrument deals with section 28 of the AML/CTF Act applying
to certain managed investment schemes’ customers before 31 January 2008.

The declaration instrument replaces the draft AML/CTF Rules which were recently
published  for comment. This declaration simplifies the
intent and effect of those draft AML/CTF Rules; that is, to modify the application
of section 28 (pre-commencement customers) so that for designated services
covered by the AML/CTF Regulations, pre-commencement customers are those
to whom a reporting entity commenced to provide a service prior to 31 January
2008. AUSTRAC intends to make this declaration on 11 April 2008.