AUSTRAC - no supervisory levy on LPOs

AUSTRAC has released a discussion paper on its proposed cost recovery model.Under the initial proposal circulated following the Federal Budget, Licensees would have been charged a $500 annual fee plus $1.06 for certain reports.The new AUSTRAC discussion paper notes that LPOs will be exempt from any AUSTRAC supervisory levy. This is a great result for Licensees thanks to tireless work by POAAL.POAAL lobbied long and hard on behalf of Licensees for the removal of the proposed AUSTRAC fees. We acted swiftly, contacting the Minister and speaking with the AUSTRAC CEO. POAAL met with senior AUSTRAC and Ministerial representatives and conducted an extensive letter-writing campaign. Individual Licensees backed POAAL’s campaign by writing to the Minister and to their local politicians.POAAL was the only body in there fighting for Licensees. This great result shows that when Licensees are united under the POAAL banner we can achieve great things.POAAL will be making a submission to AUSTRAC in response to its discussion paper. Licensees can download the discussion paper as a PDF from the AUSTRAC website. Any Licensees wishing to submit comments for inclusion in POAAL's submission to AUSTRAC should send their comments no later than 30 November 2010 to the POAAL National Office by fax on 03 96544577 or by mail to PO Box 190, Carlton South, Vic, 3053.