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This is a Bill, not an Act. For current law, see the Acts databases.


FINANCIAL TRANSACTION REPORTS AMENDMENT BILL 2018

                    Western Australia


Financial Transaction Reports Amendment
                Bill 2018

                        Contents

 1.    Short title                                            2
 2.    Commencement                                           2
 3.    Act amended                                            2
 4.    Long title amended                                     2
 5.    Section 4 amended                                      2
 6.    Section 6 amended                                      3
 7.    Section 6A inserted                                    4
       6A.      Further information or documents about
                matters reported under AMLCTF Act        4
 8.    Section 7 amended                                      6
 9.    Section 8 amended                                      8
 10.   Section 9 amended                                      9
 11.   Section 10 amended                                     9
 12.   Section 11 amended                                    10




                             59--1                            page i
                           Western Australia


                     LEGISLATIVE ASSEMBLY


   Financial Transaction Reports Amendment
                   Bill 2018

                               A Bill for


An Act to amend the Financial Transaction Reports Act 1995.



The Parliament of Western Australia enacts as follows:




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     Financial Transaction Reports Amendment Bill 2018



     s. 1




1    1.         Short title
2               This is the Financial Transaction Reports Amendment Act 2018.

3    2.         Commencement
4               This Act comes into operation as follows --
5                (a) sections 1 and 2 -- on the day on which this Act
6                      receives the Royal Assent;
7                (b) the rest of the Act -- on the day after that day.

8    3.         Act amended
9               This Act amends the Financial Transaction Reports Act 1995.

10   4.         Long title amended
11              In the long title:
12                (a) delete "suspect transactions reported under the
13                       Financial Transaction Reports Act 1988 of the
14                       Commonwealth" and insert:
15

16                      matters reported under the Financial Transaction
17                      Reports Act 1988 (Commonwealth) or the Anti-Money
18                      Laundering and Counter Terrorism Financing
19                      Act 2006 (Commonwealth)
20

21               (b)    delete "other".

22   5.         Section 4 amended
23        (1)   In section 4(1) delete the definition of Commonwealth Act.
24        (2)   In section 4(1) insert in alphabetical order:
25

26                     AMLCTF Act means the Anti-Money Laundering and
27                     Counter-Terrorism Financing Act 2006
28                     (Commonwealth);

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                              Financial Transaction Reports Amendment Bill 2018



                                                                                s. 6



1                      FTR Act means the Financial Transaction Reports
2                      Act 1988 (Commonwealth).
3

4         (3)    In section 4(1) in the definition of court delete "questions." and
5                insert:
6

7                questions;
8

9         (4)    In section 4(2) delete "Commonwealth Act" and insert:
10

11               FTR Act or the AMLCTF Act
12


13   6.          Section 6 amended
14        (1)    Delete section 6(1) and insert:
15

16               (1)   This section applies if a cash dealer communicates
17                     information to the AUSTRAC CEO under the FTR Act
18                     section 16(1) or (1A).
19              (1A)   The Commissioner of Police, or a police officer who is
20                     carrying out an investigation arising from, or relating to
21                     the matters referred to in, the information may request
22                     the cash dealer to give the Commissioner or police
23                     officer, within the period specified in the request, the
24                     further information specified in the request.
25              (1B)   The period specified in the request for giving the
26                     information must be at least 14 days after the day the
27                     request is made, unless --
28                       (a) the person making the request considers that a
29                             shorter period is necessary; and




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     Financial Transaction Reports Amendment Bill 2018



     s. 7



1                        (b)   the shorter period is reasonable in the
2                              circumstances.
3

4         (2)   In section 6(2) delete "is to" and insert:
5

6               must
7

8         (3)   In section 6(3) delete the Penalty and insert:
9

10                     Penalty for this subsection: a fine of $20 000 and
11                        imprisonment for 2 years.
12

13              Note: The heading to amended section 6 is to read:
14                     Further information about matters reported under FTR Act

15   7.         Section 6A inserted
16              After section 6 insert:
17


18          6A.        Further information or documents about matters
19                     reported under AMLCTF Act
20              (1)    This section applies if a reporting entity communicates
21                     information to the AUSTRAC CEO under the
22                     AMLCTF Act section 41, 43 or 45.
23              (2)    The Commissioner of Police, or a police officer who is
24                     carrying out an investigation arising from, or relating to
25                     the matters referred to in, the information may request
26                     the reporting entity --
27                       (a) to give the Commissioner or police officer,
28                             within the period specified in the request, the
29                             further information specified in the request; or




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                  Financial Transaction Reports Amendment Bill 2018



                                                                      s. 7



1           (b)   to produce to the Commissioner or police
2                 officer, within the period specified in the
3                 request, the documents about the matter to
4                 which the communication under the AMLCTF
5                 Act section 41, 43 or 45 relates specified in the
6                 request.
7    (3)   The period specified in the request for giving the
8          information or producing the documents must be at
9          least 14 days after the day the request is made,
10         unless --
11           (a) the person making the request considers that a
12                 shorter period is necessary; and
13           (b) the shorter period is reasonable in the
14                 circumstances.
15   (4)   The further information or documents must be
16         information or documents that --
17           (a) may be relevant to the investigation of, or
18                prosecution of a person for, an offence against
19                the law of the State; or
20           (b) may be of assistance in the enforcement of the
21                Criminal Property Confiscation Act 2000.
22   (5)   The reporting entity must comply with the request to
23         the extent that the reporting entity has the further
24         information or documents.
25         Penalty for this subsection: a fine of $20 000 and
26             imprisonment for 2 years.
27




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     Financial Transaction Reports Amendment Bill 2018



     s. 8



1    8.         Section 7 amended
2         (1)   In section 7(1) delete "transactions and communicate the
3               information contained in it to the Director." and insert:
4

5               transaction and communicate the information contained in it to
6               the AUSTRAC CEO.
7

8         (2)   In section 7(1) delete the Penalty and insert:
9

10                    Penalty for this subsection: a fine of $20 000 and
11                       imprisonment for 2 years.
12

13        (3)   Delete section 7(2) and insert:
14

15              (2)   Subsection (1) does not apply if the cash dealer is
16                    required to report the transaction under --
17                      (a) the FTR Act Part II Division 2; or
18                      (b) if the cash dealer is a reporting entity, the
19                            AMLCTF Act Part 3 Division 2, 3 or 4.
20

21        (4)   Delete section 7(3)(a) and insert:
22

23                      (a)   be in the form approved by the AUSTRAC
24                            CEO for the purposes of the FTR Act
25                            section 16; and
26

27        (5)   In section 7(4):
28                (a) delete "Director" (1st and 2nd occurrences) and insert:
29

30                      AUSTRAC CEO
31



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                           Financial Transaction Reports Amendment Bill 2018



                                                                             s. 8



1             (b)    in paragraph (b) delete "Director." and insert:
2

3                    AUSTRAC CEO.
4

5    (6)    Delete section 7(6) and insert:
6

7          (5A)     Subsection (6) applies if a cash dealer communicates
8                   information to the AUSTRAC CEO under
9                   subsection (1).
10          (6)     The Commissioner of Police, or a police officer who is
11                  carrying out an investigation arising from, or relating to
12                  the matters referred to in, the information may request
13                  the cash dealer --
14                    (a) to give the Commissioner or police officer,
15                          within the period specified in the request, the
16                          additional information specified in the request;
17                          or
18                    (b) to produce to the Commissioner or police
19                          officer, within the period specified in the
20                          request, the documents about the matter to
21                          which the communication under subsection (1)
22                          relates specified in the request.
23         (6A)     The period specified in the request for giving the
24                  information or producing the documents must be at
25                  least 14 days after the day the request is made,
26                  unless --
27                    (a) the person making the request considers that a
28                          shorter period is necessary; and
29                    (b) the shorter period is reasonable in the
30                          circumstances.
31




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     Financial Transaction Reports Amendment Bill 2018



     s. 9



1          (7)   In section 7(7) delete "is to be information" and insert:
2

3                or documents must be information or documents
4

5          (8)   In section 7(8) delete "further information." and insert:
6

7                additional information or documents.
8

9          (9)   In section 7(8) delete the Penalty and insert:
10

11                     Penalty for this subsection: a fine of $20 000 and
12                        imprisonment for 2 years.
13

14        (10)   Delete section 7(9) and insert:
15

16               (9)   In this section --
17                     reportable details, in relation to a transaction, means
18                     the details of the transaction that are referred to in the
19                     FTR Act Schedule 4.
20

21               Note: The heading to amended section 7 is to read:
22                     Reports of suspect transactions not reported under FTR Act or
23                     AMLCTF Act

24   9.          Section 8 amended
25         (1)   In section 8(1) and (2) after "cash dealer" (each occurrence)
26               insert:
27

28               or reporting entity
29




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                                Financial Transaction Reports Amendment Bill 2018



                                                                                    s. 10



1          (2)   Delete section 8(3) and insert:
2

3                (3)   If a cash dealer or reporting entity, or a person who is
4                      an officer, employee or agent of a cash dealer or
5                      reporting entity, communicates or gives information or
6                      produces documents under the FTR Act section 16, the
7                      AMLCTF Act section 41, 43 or 45, or section 6, 6A or
8                      7 of this Act, the cash dealer, reporting entity or person
9                      is taken, for the purposes of The Criminal Code
10                     section 563A (Property laundering), not to have been in
11                     possession of the information at any time.
12

13               Note: The heading to amended section 8 is to read:
14                     Protection of cash dealers, reporting entities and other persons

15   10.         Section 9 amended
16               In section 9 delete the Penalty and insert:
17

18                     Penalty: a fine of $50 000 and imprisonment for
19                        5 years.
20


21   11.         Section 10 amended
22               In section 10(2) delete the Penalty and insert:
23

24                     Penalty for this subsection: a fine of $20 000 and
25                        imprisonment for 2 years.
26




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    Financial Transaction Reports Amendment Bill 2018



    s. 12



1   12.       Section 11 amended
2             In section 11(1) after "section 6," insert:
3

4             6A,
5


6




    page 10

 


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