Existence and operation of suspension order not to be disclosed
119N Existence and operation of suspension order not to be disclosed
A financial institution that is or has been subject to a suspension order must not disclose the existence or the operation of the order to any person other than—
a commission officer; or
an officer or agent of the institution (an institution officer), for ensuring the order is complied with; or
a lawyer, for obtaining legal advice or representation in relation to the order.
A person to whom the existence or operation of a suspension order has been disclosed, whether under subsection (1) or under the provision as originally made or remade or otherwise, must not—
while the person is a commission officer, institution officer or lawyer, disclose the existence or operation of the order other than to another person to whom it may be disclosed under subsection (1) but only for—
if the person is a commission officer—performing the person’s duties; or
if the person is an institution officer—ensuring the order is complied with or obtaining legal advice or representation in relation to the order; or
if the person is a lawyer—giving legal advice or making representations in relation to the order; or
when the person is no longer a commission officer, institution officer or lawyer, make a record of, or disclose, the existence or the operation of the order in any circumstances.
Subsection (2) does not prevent a commission officer disclosing the existence or operation of a suspension order—
for, or in relation to, a legal proceeding; or
in a proceeding before a court.
A commission officer can not be required to disclose to any court the existence or operation of a suspension order.
A person who contravenes subsection (1) or (2) commits a crime.
Maximum penalty—350 penalty units or 7 years imprisonment.
A reference in this section to disclosing the existence or operation of a suspension order to a person includes a reference to disclosing information to the person from which the person could reasonably be expected to infer the existence or operation of the suspension order.
In this section—
officer, of a financial institution, means—
a secretary, executive officer or employee of the financial institution; or
anyone who, under the Confiscation Act, is a director of the financial institution.
This Act’s bill:Explanatory memorandum
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