Financial Transaction Reports Act 1993

Financial Transaction Reports Act 1993

This Act may be cited as the Financial Transaction Reports Act 1993.

This Act commences on a day to be proclaimed.

The object of this Act is to facilitate the enforcement of the laws of the State.

In this Act – AMLCTF Act means the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 of the Commonwealth; court includes any tribunal, authority or person having power to require the production of documents or the answering of questions; designated authority means – the Commissioner of Police; or a police officer who is carrying out an investigation arising from, or relating to matters referred to in, information communicated to the AUSTRAC CEO;FTR Act means the Financial Transaction Reports Act 1988 of the Commonwealth; protected information means information that is obtained under this Act.

Unless the contrary intention appears, expressions used in the FTR Act or the AMLCTF Act have the same respective meanings in this Act.

This Act binds the Crown in right of Tasmania and, so far as the legislative power of Parliament permits, in all its other capacities.

This section applies if a cash dealer communicates information to the AUSTRAC CEO under section 16(1) or (1A) of the FTR Act.

A designated authority may request the cash dealer to give to the designated authority the further information stated in the request.

The further information must be information that– may be relevant to the investigation of, or prosecution of a person for, an offence against the law of the State; or may be of assistance in the enforcement of the Crime (Confiscation of Profits) Act 1993.

The cash dealer must comply with the request to the extent that the cash dealer has the further information. Fine not exceeding 400 penalty units or imprisonment for a term not exceeding 2 years, or both.

This section applies if a reporting entity communicates information to the AUSTRAC CEO under section 41, 43 or 45 of the AMLCTF Act.

A designated authority may give a written notice to the reporting entity requesting the reporting entity, within the period and in the way stated in the notice, to – give to the designated authority the further information stated in the notice; or produce to the designated authority the documents about the matter to which the communication under section 41, 43 or 45 of the AMLCTF Act relates that are stated in the notice.

The further information or documents must be information or documents that – may be relevant to the investigation of, or prosecution of a person for, an offence against the law of the State; or may be of assistance in the enforcement of the Crime (Confiscation of Profits) Act 1993.

The reporting entity must comply with the request to the extent that the reporting entity has the further information or documents. Fine not exceeding 400 penalty units or imprisonment for a term not exceeding 2 years, or both.

This section applies if – a cash dealer is a party to a transaction; and the cash dealer has reasonable grounds to suspect that information that the cash dealer has concerning the transaction – may be relevant to the investigation of, or prosecution of a person for, an offence against the law of the State; or may be of assistance in the enforcement of the Crime (Confiscation of Profits) Act 1993; and the cash dealer is not required to report the transaction under any of the following provisions, whether or not the cash dealer is required to report the transaction under Division 1 of Part II of the FTR Act:Division 2 of Part II of the FTR Act; if the cash dealer is a reporting entity – Division 2, 3 or 4 of Part 3 of the AMLCTF Act.

The cash dealer must, as soon as practicable after forming the suspicion mentioned in subsection (1)(b), prepare a report of the transaction and communicate the information contained in it to the AUSTRAC CEO. Fine not exceeding 400 penalty units or imprisonment for a term not exceeding 2 years, or both.

The report must – be in the form approved by the AUSTRAC CEO for the purposes of section 41 of the AMLCTF Act; and contain the reportable details of the transaction as required under the AML/CTF Rules for the purposes of that section; and contain a statement of the grounds on which the cash dealer holds the suspicion mentioned in subsection (1)(b); and be signed by the cash dealer.

The communication to the AUSTRAC CEO of the information contained in the report must be made– by giving the AUSTRAC CEO a copy of the report; or in any other way approved by the AUSTRAC CEO.

This section applies if a cash dealer communicates information to the AUSTRAC CEO under section 7(2).

A designated authority may request the cash dealer to give to the designated authority the further information stated in the request.

The further information must be information that – may be relevant to the investigation of, or prosecution of a person for, an offence against the law of the State; or may be of assistance in the enforcement of the Crime (Confiscation of Profits) Act 1993.

The cash dealer must comply with the request to the extent that the cash dealer has the further information. Fine not exceeding 400 penalty units or imprisonment for a term not exceeding 2 years, or both.

An action or a suit or proceeding does not lie against – an entity in relation to anything done by the entity– that was required under this Act; or in the mistaken belief that it was required under this Act; or an officer, employee or agent of an entity in relation to anything done by the person in the course of the person's appointment, employment or agency– that was required under this Act; or in the mistaken belief that it was required under this Act.

If an entity, or a person who is an officer, employee or agent of an entity, communicates or gives information or produces documents under section 16 of the FTR Act, section 41, 43 or 45 of the AMLCTF Act or section 6, 6A, 7 or 7A of this Act, the entity or person is taken, for the purposes of Part 6A of the Crime (Confiscation of Profits) Act 1993, not to have been in possession of the information at any time.

In this section – entity means a cash dealer or a reporting entity.

A person must not, in giving information under this Act –

make a statement that the person knows is false or misleading in a material particular; or omit anything from a statement knowing that without the thing the statement is misleading in a material particular.

Fine not exceeding 1 000 penalty units or imprisonment for a term not exceeding 5 years, or both.