Bills Digest no. 76 2006–07
Anti-Money Laundering and Counter-Terrorism Financing
(Transitional Provisions and Consequential Amendments) Bill
2006
WARNING:
This Digest was prepared for debate. It reflects the legislation as
introduced and does not canvass subsequent amendments. This Digest
does not have any official legal status. Other sources should be
consulted to determine the subsequent official status of the
Bill.
CONTENTS
Passage History
Purpose
Financial implications
Main Provisions
Contact Officer & Copyright Details
Passage History
Anti-Money Laundering and Counter-Terrorism
Financing (Transitional Provisions and Consequential Amendments)
Bill 2006
Date introduced:
1 November 2006
House: House of Representatives
Portfolio: Justice and Customs
Commencement:
The whole of the Act had
commenced by 14 December 2006.
The Anti-Money
Laundering and Counter-Terrorism Financing (Transitional Provisions
and Consequential Amendments) Bill 2006 (the Bill) contains
consequential amendments related to the Anti-Money Laundering and
Counter-Terrorism Financing Bill 2006 (the AML/CTF Bill). The Bills
Digest on the AML/CTF Bill can be accessed here.
As a result of the AML/CTF Bill, a number of
consequential amendments were made to existing Commonwealth
legislation to allow operation of provisions in the AML/CTF
Bill.
The most important amendment is to the
Financial Transaction Reports Act 1988 (FTR Act). The FTR
Act, as amended by the Financial Transaction Reports Act Amendment
Bill 2006, will continue in force after the AML/CTF Bill has been
enacted. The amended FTR Act is designed to operate parallel to the
AML/CTF Bill. The amended FTR Act will apply to cash dealers who
are not reporting entities under the AML/CTF Bill.
The Bill passed on 7 December 2006, and became
Act No. 170 of 2006.
The Bill has no direct financial impact but
note the impact of the AML/CTF Bill as set out in the Bills
Digest.
Part 1 contains amendments to
the following Acts that are mainly of a technical nature,
especially changing the title of Director to AUSTRAC CEO :
- Administrative Decisions (Judicial Review)
Act 1977
- Anti‑Terrorism Act (No. 2)
2005
- Australian Securities and Investments
Commission Act 2001
- Commonwealth Electoral Act 1918
- Corporations Act 2001
- Crimes Act 1914
- Criminal Code Act 1995
- Financial Management and Accountability
Regulations 1997
- Financial Transaction Reports Act
1988
- Financial Transaction Reports Amendment Act
2006
- Freedom of Information Act 1982
- Inspector‑General of Intelligence and
Security Act 1986
- Law Enforcement Integrity Commissioner Act
2006
- Privacy Act 1988
- Proceeds of Crime Act 2002
- Surveillance Devices Act 2004
Part 2 contains the
transitional provisions.
Item 25 amends subsection
400.1(1) of the Criminal Code to insert the new definition
foreign indictable offence. It means an
offence against a law of a foreign country constituted by conduct
that, if it had occurred in Australia, would have constituted an
offence against:
- a law of the Commonwealth; or
- a law of a State or Territory connected with the offence;
that may be dealt with as an indictable offence
(even if it may, in some circumstances, be dealt with as a summary
offence).
Item
51 amends subsection 3(1) of the Financial Transaction
Reports Act 1988 to insert the new definition
designated service transaction. If:
- a reporting entity provides, or commences to provide, a
designated service to a customer (within the meaning of the
Anti‑Money Laundering and Counter‑Terrorism
Financing Act 2006); and
- the provision of the service involves a transaction;
the transaction is a designated
service transaction.
Item
157 amends Section 338 (after paragraph (e) of the
definition of serious offence) of the Proceeds of
Crime Act 2002 to insert offences against certain sections
of the AML/CTF Bill.
Sue Harris Rimmer
5 February 2007
Bills Digest Service
Parliamentary Library
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ISSN 1328-8091
© Commonwealth of Australia 2007
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Published by the Parliamentary Library, 2007.
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