Commonwealth Numbered Regulations - Explanatory Statements

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FINANCIAL TRANSACTION REPORTS REGULATIONS (AMENDMENT) 1997 NO.63

Statutory Rules 1997 No. 63

Issued by the Authority of the Attorney-General and Minister for Justice

Financial Transaction Reports Act 1988

Financial Transaction Reports Regulations (Amendment)

Background

Section 7 of the Financial Transaction Reports Act 1988 requires a cash dealer who is party to a significant cash transaction, to prepare a report containing the reportable details of the transaction. The reportable details are prescribed by regulation 12 of the Financial Transaction Reports Regulations (the Regulations). Where the person who conducts the transaction with the cash dealer is a customer of the cash dealer and carries on a business, items 4(d) and 5(d) of Part B of the reportable details require the cash dealer to report the industry code for that business that is published by the Australian Bureau of Statistics in its publication Australian Standard Industrial Classification.

The Amendments

Regulation 1 provides for the date of commencement of the amending regulations.

Regulation 2 is a procedural clause providing for amendment of the regulations.

Regulation 3 prescribes the Australian and New Zealand Standard Industrial Classification as in force on 31 March 1997, as an additional publication of the Australian Bureau of Statistics, for the purposes of items 4(d) and 5(d) of Part B of the reportable details prescribed by regulation 12.

The regulations will commence on 1 April 1997.