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This is a Bill, not an Act. For current law, see the Acts databases.
TASMANIA
__________
FINANCIAL TRANSACTION REPORTS
AMENDMENT BILL 2013
__________
CONTENTS
1. Short title
2. Commencement
3. Principal Act
4. Long title amended
5. Section 4 amended (Interpretation)
6. Section 6 amended (Further information about matters reported
by cash dealers under FTR Act)
7. Section 6A inserted
6A. Further information or documents about matters
reported by reporting entities under AMLCTF Act
8. Section 7 amended (Reports by cash dealers of suspect
transactions not reported under FTR or AMLCTF Act)
9. Section 7A inserted
7A. Further information about suspect transactions not
reported under FTR Act or AMLCTF Act
10. Section 8 amended (Protection of cash dealers, reporting entities,
&c.)
11. Section 9 amended (False or misleading statements)
12. Section 10A inserted
10A. Legal professional privilege not affected
13. Repeal of Act
[Bill 30]-VII
2
FINANCIAL TRANSACTION REPORTS
AMENDMENT BILL 2013
This Public Bill originated in the House of Assembly, and, having this day passed, is
now ready for presentation to the Legislative Council for its concurrence.
P. R. ALCOCK, Clerk of the House
27 August 2013
(Brought in by the Minister for Justice, the Honourable Brian
Neal Wightman)
A BILL FOR
An Act to amend the Financial Transaction Reports Act
1993
Be it enacted by His Excellency the Governor of Tasmania, by
and with the advice and consent of the Legislative Council and
House of Assembly, in Parliament assembled, as follows:
1. Short title
This Act may be cited as the Financial
Transaction Reports Amendment Act 2013.
2. Commencement
This Act commences on a day to be proclaimed.
[Bill 30] 3
Financial Transaction Reports Amendment Act 2013
Act No. of
s. 3
3. Principal Act
In this Act, the Financial Transaction Reports
Act 1993* is referred to as the Principal Act.
4. Long title amended
The Principal Act is amended as follows:
(a) by inserting in the long title "or
documents" after "further
information";
(b) by omitting from the long title "suspect
transactions" first occurring and
substituting "matters";
(c) by inserting in the long title "or the Anti-
Money Laundering and Counter-
Terrorism Financing Act 2006 of the
Commonwealth" after
"Commonwealth".
5. Section 4 amended (Interpretation)
Section 4 of the Principal Act is amended as
follows:
(a) by omitting the definition of
Commonwealth Act from subsection (1)
and substituting the following definition:
AMLCTF Act means the Anti-Money
Laundering and Counter-
*No. 16 of 1993
4
Financial Transaction Reports Amendment Act 2013
Act No. of
s. 6
Terrorism Financing Act 2006 of
the Commonwealth;
(b) by inserting the following definitions
after the definition of court in subsection
(1):
designated authority means -
(a) the Commissioner of
Police; or
(b) a police officer who is
carrying out an
investigation arising from,
or relating to matters
referred to in, information
communicated to the
AUSTRAC CEO;
FTR Act means the Financial
Transaction Reports Act 1988 of
the Commonwealth;
(c) by omitting from subsection (2)
"Commonwealth Act" and substituting
"FTR Act or the AMLCTF Act".
6. Section 6 amended (Further information about
matters reported by cash dealers under FTR Act)
Section 6 of the Principal Act is amended as
follows:
(a) by omitting subsection (1) and
substituting the following subsections:
5
Financial Transaction Reports Amendment Act 2013
Act No. of
s. 7
(1) This section applies if a cash
dealer communicates information
to the AUSTRAC CEO under
section 16(1) or (1A) of the FTR
Act.
(1A) A designated authority may
request the cash dealer to give to
the designated authority the
further information stated in the
request.
(b) by omitting from subsection (2) "is to"
and substituting "must".
7. Section 6A inserted
After section 6 of the Principal Act, the
following section is inserted:
6A. Further information or documents about
matters reported by reporting entities under
AMLCTF Act
(1) This section applies if a reporting entity
communicates information to the
AUSTRAC CEO under section 41, 43 or
45 of the AMLCTF Act.
(2) A designated authority may give a
written notice to the reporting entity
requesting the reporting entity, within the
period and in the way stated in the notice,
to -
6
Financial Transaction Reports Amendment Act 2013
Act No. of
s. 7
(a) give to the designated authority
the further information stated in
the notice; or
(b) produce to the designated
authority the documents about the
matter to which the
communication under section 41,
43 or 45 of the AMLCTF Act
relates that are stated in the
notice.
(3) The further information or documents
must be information or documents that -
(a) may be relevant to the
investigation of, or prosecution of
a person for, an offence against
the law of the State; or
(b) may be of assistance in the
enforcement of the Crime
(Confiscation of Profits) Act
1993.
(4) The reporting entity must comply with
the request to the extent that the reporting
entity has the further information or
documents.
Penalty: Fine not exceeding 400 penalty
units or imprisonment for a term
not exceeding 2 years, or both.
7
Financial Transaction Reports Amendment Act 2013
Act No. of
s. 8
8. Section 7 amended (Reports by cash dealers of
suspect transactions not reported under FTR or
AMLCTF Act)
Section 7 of the Principal Act is amended as
follows:
(a) by omitting subsections (1) and (2) and
substituting the following subsections:
(1) This section applies if -
(a) a cash dealer is a party to
a transaction; and
(b) the cash dealer has
reasonable grounds to
suspect that information
that the cash dealer has
concerning the
transaction -
(i) may be relevant to
the investigation
of, or prosecution
of a person for, an
offence against the
law of the State;
or
(ii) may be of
assistance in the
enforcement of the
Crime
(Confiscation of
Profits) Act 1993;
and
8
Financial Transaction Reports Amendment Act 2013
Act No. of
s. 8
(c) the cash dealer is not
required to report the
transaction under any of
the following provisions,
whether or not the cash
dealer is required to report
the transaction under
Division 1 of Part II of the
FTR Act:
(i) Division 2 of Part
II of the FTR Act;
(ii) if the cash dealer
is a reporting
entity - Division
2, 3 or 4 of Part 3
of the AMLCTF
Act.
(2) The cash dealer must, as soon as
practicable after forming the
suspicion mentioned in
subsection (1)(b), prepare a report
of the transaction and
communicate the information
contained in it to the AUSTRAC
CEO.
Penalty: Fine not exceeding 400
penalty units or
imprisonment for a term
not exceeding 2 years, or
both.
9
Financial Transaction Reports Amendment Act 2013
Act No. of
s. 9
(b) by omitting from subsection (3)(a)
"Director for the purposes of section 16
of the Commonwealth Act" and
substituting "AUSTRAC CEO for the
purposes of section 41 of the AMLCTF
Act";
(c) by inserting in subsection (3)(b) "as
required under the AMLCTF Rules for
the purposes of that section" after
"transaction";
(d) by omitting from subsection (3)(c)
"subsection (1)" and substituting
"subsection (1)(b)";
(e) by omitting from subsection (4)
"Director" first occurring and
substituting "AUSTRAC CEO";
(f) by omitting from subsection (4)(a)
"Director" and substituting "AUSTRAC
CEO";
(g) by omitting from subsection (4)(b)
"Director" and substituting "AUSTRAC
CEO";
(h) by omitting subsections (5), (6), (7), (8)
and (9).
9. Section 7A inserted
After section 7 of the Principal Act, the
following section is inserted:
10
Financial Transaction Reports Amendment Act 2013
Act No. of
s. 10
7A. Further information about suspect
transactions not reported under FTR Act or
AMLCTF Act
(1) This section applies if a cash dealer
communicates information to the
AUSTRAC CEO under section 7(2).
(2) A designated authority may request the
cash dealer to give to the designated
authority the further information stated in
the request.
(3) The further information must be
information that -
(a) may be relevant to the
investigation of, or prosecution of
a person for, an offence against
the law of the State; or
(b) may be of assistance in the
enforcement of the Crime
(Confiscation of Profits) Act
1993.
(4) The cash dealer must comply with the
request to the extent that the cash dealer
has the further information.
Penalty: Fine not exceeding 400 penalty
units or imprisonment for a term
not exceeding 2 years, or both.
11
Financial Transaction Reports Amendment Act 2013
Act No. of
s. 10
10. Section 8 amended (Protection of cash dealers,
reporting entities, &c.)
Section 8 of the Principal Act is amended as
follows:
(a) by omitting from subsection (1)(a) "a
cash dealer" and substituting "an entity";
(b) by omitting from subsection (1)(a) "cash
dealer" second occurring and substituting
"entity";
(c) by omitting from subsection (1)(b) "a
cash dealer" and substituting "an entity";
(d) by omitting subsection (2) and
substituting the following subsections:
(2) If an entity, or a person who is an
officer, employee or agent of an
entity, communicates or gives
information or produces
documents under section 16 of
the FTR Act, section 41, 43 or 45
of the AMLCTF Act or section 6,
6A, 7 or 7A of this Act, the entity
or person is taken, for the
purposes of Part 6A of the Crime
(Confiscation of Profits) Act
1993, not to have been in
possession of the information at
any time.
(3) In this section -
12
Financial Transaction Reports Amendment Act 2013
Act No. of
s. 11
entity means a cash dealer or a
reporting entity.
11. Section 9 amended (False or misleading statements)
Section 9(b) of the Principal Act is amended as
follows:
(a) by omitting "any matter" and substituting
"anything";
(b) by omitting "matter" second occurring
and substituting "thing".
12. Section 10A inserted
After section 10 of the Principal Act, the
following section is inserted:
10A. Legal professional privilege not affected
For the avoidance of doubt, nothing in
this Act affects the law relating to legal
professional privilege.
13. Repeal of Act
This Act is repealed on the three hundred and
sixty fifth day from the day on which it
commences.
Government Printer, Tasmania 13