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CLAUSE NOTES
Financial Transaction Reports Amendment Bill 2013
Clause 1: Short Title
Clause 2: Commencement
Clause 3: Principal Act - Financial Transaction Reports Act
1993
Clause 4: Amends the Long Title of the Principal Act to
include reference to "documents" in addition
to "further information", replacing "suspect
matters" with "matters"; inserting reference to
the Anti-Money Laundering and Counter-Terrorism
Financing Act 2006 of the Commonwealth, and
replacing the word "transactions" with the
word "matters".
Clause 5: Amends section 4 of the Principal Act by:
inserting a new definition of the Anti-Money
Laundering and Counter-Terrorism Financing Act
2006 of the Commonwealth in subsection (1);
omitting the definition of Commonwealth Act
from subsection (1); inserting definitions of
"designated authority" and FTR Act in
subsection (1); and omitting from subsection
(2) "Commonwealth Act" and substituting
"FTR Act or the AMLCTF Act".
Clause 6: Amends section 6 of the Principal Act to take
account of: the new terminology of
"designated authority"; and the removal of
references to the "Commonwealth Act".
Information is now to be provided under this
section to the Chief Executive Officer of the
Australian Transaction Report and Analysis
Centre (the AUSTRAC CEO) under the
Financial Transaction Reports Act 1988 of the
Commonwealth (FTR Act).
Provides that the section is to apply if a cash
dealer is required to communicate information
to the Chief Executive Officer of the
Australian Transaction Report and Analysis
Centre under the Commonwealth Financial
Transaction Reports Act 1988. In that case, a
cash dealer can be requested to provide
further information to the State under the
Principal Act.
Provides that the change to subsection (2)
from "is to" to "must" limits the information
which a designated authority may require a
cash dealer to provide to that described in
paragraphs (a) and (b) of subsection (2). That
is, the power cannot be exercised to obtain
extraneous information.
Clause 7: Inserts a new section 6A which applies to a
reporting entity required to provide
information or documents under the Anti-
Money Laundering and Counter-Terrorism
Financing Act 2006 of the Commonwealth.
The section is expressed to apply if a reporting
entity is required to communicate information
to the Chief Executive Officer of the
Australian Transaction Report and Analysis
Centre under section 41, 43 or 45 of the
Commonwealth Anti-Money Laundering and
Counter-Terrorism Financing Act 2006. In that
case, a reporting entity can be requested by a
designated authority to provide it with further
information.
Provides in subsection (3) that the further
information or documents which a designated
authority may require a reporting entity to
provide is limited to information or documents
which may be relevant to the investigation of,
or prosecution of a person for, an offence
against the law of the State or may be of
assistance in the enforcement of the Crime
(Confiscation of Profits) Act 1993. That is, it
ensures that the power is not exercised to
obtain extraneous information.
Provides in subsection (4) that it is an offence
for a reporting entity to fail to comply with a
request from a designated authority to the
extent that the reporting entity has the further
information or documents.
Clause 8: Amends section 7 of the Principal Act.
Provides that a cash dealer is required to
report transactions which it would not
otherwise be required to report under the
Commonwealth law.
Provides in subclause (a) that section 7 is
amended by omitting existing subsections (1)
and (2) and substituting them with a
requirement for a cash dealer to prepare a
report of a suspicious transaction and to
provide information in relation to it, to the
Chief Executive Officer of the Australian
Transaction Report and Analysis Centre.
Provides that a cash dealer must, as soon as
practicable after forming a suspicion, on
reasonable grounds, that it has information
concerning a transaction which may be
relevant to the investigation of, or prosecution
of a person for, an offence against a law of the
State, or that the information may assist in the
enforcement of the Crime (Confiscation of
Profits) Act 1993, prepare a report of the
transaction and communicate the information
contained in it to the Chief Executive Officer
of the Australian Transaction Report and
Analysis Centre.
Provides that section 7 is to apply where a
cash dealer is not required to report a suspect
transaction under specified Divisions of Parts
of the Financial Transaction Reports Act 1988
(Cth) or the Anti-Money Laundering and Counter-
Terrorism Financing Act 2006 (C'th), whether or
not the cash dealer was required to report the
transaction under Division 1 of Part II of the
Financial Transaction Reports Act 1988 (C'th).
Provides that it is an offence if a cash dealer
does not prepare a report of a suspicious
transaction and communicate the information
contained in it to the Chief Executive Officer
of the Australian Transaction Report and
Analysis Centre.
Provides that subclause (b) amends subsection
(3)(a) to provide that reporting is now
required to be to the Chief Executive Officer
of the Australian Transaction Report and
Analysis Centre.
Provides that subclause (c) amends subsection
(3)(b) to provide that a report is to be made in
the form required under the Anti-Money
Laundering and Counter-Terrorism Financing
Rules.
Provides that subclause (d) amends subsection
(3)(c) by replacing "subsection (1)" with
"subsection (1)(b)".
Provides that subclause (e) amends subsection
(4) by replacing the word "Director" with
"AUSTRAC CEO".
Provides that subclause (f) amends subsection
(4)(a) by replacing the word "Director" with
"AUSTRAC CEO".
Provides that subclause (g) amends subsection
(4)(b) by replacing the word "Director" with
"AUSTRAC CEO".
Provides that subclause (h) omits subsections
(5), (6), (7), (8) and (9), the content of which
has been replaced by clause 8(a).
Clause 9: Inserts a new section 7A which compels a cash
dealer to give a designated authority the
further information about a suspect
transaction that is provided to the
Commonwealth under section 7(2) of the
Principal Act.
Provides that a designated authority may only
request information that may be relevant to
the investigation of, or prosecution of a person
for, an offence against a law of the State, or
that the information may assist in the
enforcement of the Crime (Confiscation of
Profits) Act 1993.
Provides that it is an offence for a cash dealer
to fail to comply with a request under this
section to the extent that the cash dealer has
the further information.
Clause 10: Amends section 8 of the Principal Act:
to introduce the defined term, "entity", and
to substitute it for existing references in
subsections (1)(a) and (1)(b) to, "cash
dealer"; and
to replace subsection (2) with a new
subsection (2) which protects entities,
officers, employees and agents of an entity
from the operation of Part 6A (Money
laundering) of the Crime (Confiscation of
Profits ) Act 1993 by providing that they are
not, by reason of having provided
information and documents under the Act,
considered to have been in possession of
the relevant information.
Clause 11: Amends section 9 by omitting references to
"any matter" and "matter" and replacing them
with the words "anything" or "thing"
respectively.
Clause 12: Inserts a section 10A which provides that for
the avoidance of doubt, nothing in the Act
affects the law relating to legal professional
privilege.
Clause 13: Provides for the repeal of this Act.