Bills Digest no. 76, 2006-07-Anti-Money Laundering and Counter-Terrorism Financing (Transitional Provisions and Consequential Amendments) Bill 2006



Index

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.

Purpose

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.

Financial implications

The Bill has no direct financial impact but note the impact of the AML/CTF Bill as set out in the Bills Digest.

Main provisions

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:

  1. a law of the Commonwealth; or
  2. 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:

  1. 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
  2. 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.

Contact Officer and Copyright Details

Sue Harris Rimmer
5 February 2007
Bills Digest Service
Parliamentary Library

This paper has been prepared to support the work of the Australian Parliament using information available at the time of production. The views expressed do not reflect an official position of the Parliamentary Library, nor do they constitute professional legal opinion.

Staff are available to discuss the paper's contents with Senators and Members and their staff but not with members of the public.

ISSN 1328-8091
© Commonwealth of Australia 2007

Except to the extent of the uses permitted under the Copyright Act 1968, no part of this publication may be reproduced or transmitted in any form or by any means, including information storage and retrieval systems, without the prior written consent of the Parliamentary Library, other than by members of the Australian Parliament in the course of their official duties.

Published by the Parliamentary Library, 2007.

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