Commonwealth Consolidated Acts

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FINANCIAL TRANSACTION REPORTS ACT 1988 - SECT 28

Failure to provide information

  (1)   A cash dealer commits an offence against this section if the cash dealer refuses or fails:

  (a)   to communicate information to the AUSTRAC CEO when and as required under Part   II or III; or

  (b)   to comply with a notice as required by subsection   27E(3).

  (c)   to retain reports as required under subsection   17B(5).

  (2)   A financial institution commits an offence against this section if the institution:

  (a)   fails to maintain an exemption register as required under Division   1 of Part   II; or

  (b)   refuses or fails to comply with a notice under subsection   13(1) or (5).

  (3)   If a solicitor, a solicitor corporation or a partnership of solicitors refuses or fails:

  (a)   to communicate information to the AUSTRAC CEO when required under section   15A; or

  (b)   to comply with a notice as required by subsection   27E(3);

the solicitor or corporation, or each member of the partnership, as the case may be, commits an offence against this section.

  (4)   A person who commits an offence against this section is punishable, upon conviction, by imprisonment for not more than 2 years.

Note:   Subsection   4B(2) of the Crimes Act 1914 allows a court to impose in respect of an offence an appropriate fine instead of, or in addition to, a term of imprisonment. The maximum fine that a court can impose on an individual is worked out by multiplying the maximum term of imprisonment (in months) by 5, and then multiplying the resulting number by the amount of a penalty unit. The amount of a penalty unit is stated in section   4AA of that Act. If a body corporate is convicted of an offence, subsection   4B(3) of that Act allows a court to impose a fine that is not greater than 5 times the maximum fine that could be imposed by the court on an individual convicted of the same offence.


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