What is the definition of bullion for the purposes of the AML/CTF Act?
AUSTRAC considers that the following definition of ‘bullion’ is appropriate for the purposes of the AML/CTF Act. ‘Bullion’ means gold, silver, platinum or palladium authenticated to a specified fineness in the form of bars, ingots, plates, wafers or other similar mass form; or coins, that trade at a price determined by reference to the market value of the constituent metal and the authenticated fineness of the item. ‘Authentication of fineness’ means commercially acceptable hallmark or stamping, or by means of the base form of an item, such as in the case of coins. AUSTRAC considers that ‘collector’, ‘proof’ or other coins which are traded on the basis of their numismatic, commemorative or rarity value are not bullion. Granules have not been included, as by definition granules are incapable of bearing a means of authentication as to fineness. Other platinum group metals (besides platinum and palladium) comprising iridium, rhodium, osmium and ruthenium have not been included in the defi
