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This is a Bill, not an Act. For current law, see the Acts databases.
South Australia
Financial Transaction Reports (State Provisions)
(Miscellaneous) Amendment Bill 2012
A BILL FOR
An Act to amend the Financial
Transaction Reports (State Provisions) Act 1992.
Contents
Part 1—Preliminary
1Short title
2Commencement
3Amendment
provisions
Part 2—Amendment of Financial
Transaction Reports (State Provisions) Act 1992
4Amendment of long title
5Amendment of
section 3—Interpretation
6Amendment of
section 5—Further reports of suspect transactions under
FTR Act
7Insertion of new
section
5AFurther reports of
suspect transactions under AMLCTF Act
8Amendment of
section 6—Reports of suspect transactions not reported under a
Commonwealth Act
9Amendment of section 7—Protection of cash
dealers and reporting entities etc
10Amendment of
section 8—False or misleading statements
11Amendment of
section 9—Secrecy
The Parliament of South Australia enacts as
follows:
This Act may be cited as the Financial Transaction Reports (State
Provisions) (Miscellaneous) Amendment Act 2012.
This Act will come into operation on a day to be fixed by
proclamation.
In this Act, a provision under a heading referring to the amendment of a
specified Act amends the Act so specified.
Part 2—Amendment
of Financial Transaction Reports
(State Provisions) Act 1992
Long title—after "Commonwealth" insert:
or the Anti-Money Laundering and Counter-Terrorism Financing
Act 2006 of the Commonwealth
5—Amendment
of section 3—Interpretation
(1) Section 3(1), definition of Commonwealth
Act—delete the definition and substitute:
AMLCTF Act means the Anti-Money Laundering and
Counter-Terrorism Financing Act 2006 of the Commonwealth;
(2) Section 3(1), after the definition of court
insert:
FTR Act means the Financial Transaction Reports
Act 1988 of the Commonwealth;
(3) Section 3(2)—delete "Commonwealth Act" and
substitute:
AMLCTF Act or the FTR Act
(4) Section 3(3)—delete subsection (3)
6—Amendment
of section 5—Further reports of suspect transactions under
FTR Act
(1) Section 5(1) and (2)—delete subsections (1)
and (2) and substitute:
(1) If a cash dealer
communicates information to the AUSTRAC CEO under section 16 of the FTR
Act, the cash dealer must, if requested to do so by the Commissioner of Police
or a police officer, give the Commissioner or police officer such further
information, within the period specified in the request, as is specified in the
request.
(2) Further information that may be specified in a request under
subsection (1) is
information directly or indirectly related to the original communication
that—
(a) may be relevant to the investigation of, or prosecution of a person
for, an offence against a law of the State; or
(b) relates to any other purpose, function or power of South Australia
Police under any Act or law; or
(c) may be of assistance in the enforcement of the Criminal
Assets Confiscation Act 2005 or the Serious
and Organised Crime (Unexplained Wealth) Act 2009.
(2) Section 5(3), penalty provision—delete the penalty
provision and substitute:
Maximum penalty:
(a) If the offender is a body corporate—$30 000.
(b) If the offender is a natural person—$8 000 or imprisonment
for 2 years or both.
After section 5 insert:
5A—Further reports of suspect transactions under
AMLCTF Act
(1) If a reporting
entity communicates information to the AUSTRAC CEO under
section 41, 43 or 45 of the AMLCTF Act, the reporting entity
must, if requested to do so by the Commissioner of Police or a police officer,
give the Commissioner or police officer such further information, within the
period specified in the request, as is specified in the request.
(2) Further information that may be specified in a request under
subsection (1) is
information directly or indirectly related to the original communication
that—
(a) may be relevant to the investigation of, or prosecution of a person
for, an offence against a law of the State; or
(b) relates to any other purpose, function or power of South Australia
Police under any Act or law; or
(c) may be of assistance in the enforcement of the Criminal
Assets Confiscation Act 2005 or the Serious
and Organised Crime (Unexplained Wealth) Act 2009.
(3) The reporting entity must comply with the request for further
information to the extent that the reporting entity has the further
information.
Maximum penalty:
(a) If the offender is a body corporate—$30 000.
(b) If the offender is a natural person—$8 000 or imprisonment
for 2 years or both.
8—Amendment
of section 6—Reports of suspect transactions not reported under a
Commonwealth Act
(1) Section 6(1) and (2)—delete subsections (1)
and (2) and substitute:
(1) A cash dealer who
is a party to a transaction and has reasonable grounds to suspect that
information that the cash dealer has concerning the transaction—
(a) may be relevant to the investigation of, or prosecution of a person
for, an offence against a law of the State; or
(b) relates to any other purpose, function or power of South Australia
Police under any Act or law; or
(c) may be of assistance in the enforcement of the Criminal
Assets Confiscation Act 2005 or the Serious
and Organised Crime (Unexplained Wealth) Act 2009,
must, as soon as practicable after forming the suspicion, prepare a report
of the transaction and communicate the information contained in it to the
AUSTRAC CEO.
Maximum penalty:
(a) If the offender is a body corporate—$30 000.
(b) If the offender is a natural person—$8 000 or imprisonment
for 2 years or both.
(2)
Subsection (1) does
not apply if the cash dealer is required to report the transaction
under—
(a) Division 2 of Part II of the FTR Act; or
(b) if the cash dealer is a reporting entity—Division 2 of
Part III of the AMLCTF Act.
(2) Section 6(3)(a)—delete paragraph (a) and
substitute:
(a) must be in a form approved by the AUSTRAC CEO for the purposes of
section 41 of the AMLCTF Act; and
(3) Section 6(4)—delete "Director" wherever occurring and
substitute in each case:
AUSTRAC CEO
(4) Section 6(6) and (7)—delete subsections (6)
and (7) and substitute:
(6) If a cash dealer
communicates information to the AUSTRAC CEO under subsection (1), the
cash dealer must, if requested to do so by the Commissioner of Police or a
police officer, give the Commissioner or police officer such further
information, within the period specified in the request, as is specified in the
request.
(7) Further information that may be specified in a request under
subsection (6) is
information directly or indirectly related to the original communication
that—
(a) may be relevant to the investigation of, or prosecution of a person
for, an offence against a law of the State; or
(b) relates to any other purpose, function or power of South Australia
Police under any Act or law; or
(c) may be of assistance in the enforcement of the Criminal
Assets Confiscation Act 2005 or the Serious
and Organised Crime (Unexplained Wealth) Act 2009.
(5) Section 6(8), penalty provision—delete the penalty
provision and substitute:
Maximum penalty:
(a) If the offender is a body corporate—$30 000.
(b) If the offender is a natural person—$8 000 or imprisonment
for 2 years or both.
9—Amendment
of section 7—Protection of cash dealers and reporting entities
etc
(1) Section 7(1)—after "cash dealer" wherever occurring insert
in each case:
or reporting entity
(2) Section 7(2)—delete subsection (2) and
substitute:
(2) If a cash dealer or reporting entity, or a person who is an officer,
employee or agent of a cash dealer or reporting entity, complies with
section 16 of the FTR Act, section 41, 43 or 45 of the
AMLCTF Act, or section 5, 5A or 6 of this Act, the cash dealer,
reporting entity or person will not, by reason of his or her involvement in that
transaction, be taken to have engaged in money laundering for the purposes of
section 138 of the Criminal
Law Consolidation Act 1935.
10—Amendment
of section 8—False or misleading statements
Section 8, penalty provision—delete the penalty provision and
substitute:
Maximum penalty:
(a) If the offender is a body corporate—$40 000.
(b) If the offender is a natural person—$15 000 or imprisonment
for 4 years or both.
11—Amendment
of section 9—Secrecy
(1) Section 9(1)—delete "or a member of the police force" and
substitute:
, a police officer or any other person who has access to protected
information in the course of official duties
(2) Section 9(2), penalty provision—delete the penalty
provision and substitute:
Maximum penalty: $8 000 or imprisonment for 2 years or
both.