2004-2005-2006 The Parliament of the Commonwealth of Australia THE SENATE Presented and read a first time Financial Transaction Reports Amendment Bill 2006 No. , 2006 (Justice and Customs) A Bill for an Act to amend the Financial Transaction Reports Act 1988, and for related purposes [Page Break] 1 Short title ........................................................................................... 1 2 Commencement ................................................................................. 1 3 Schedule(s) ........................................................................................ 2 Schedule 1--Financial Transaction Reports Act 1988 3 i Financial Transaction Reports Amendment Bill 2006 No. , 2006 [Page Break] 1 Transaction Reports Act 1988, and for related 2 purposes 3 The Parliament of Australia enacts: 4 1 Short title 5 This Act may be cited as the Financial Transaction Reports 6 Amendment Act 2006. 7 2 Commencement 8 (1) Each provision of this Act specified in column 1 of the table 9 commences, or is taken to have commenced, in accordance with 10 column 2 of the table. Any other statement in column 2 has effect 11 according to its terms. 12 13 Financial Transaction Reports Amendment Bill 2006 No. , 2006 1 [Page Break] Column 1 Column 2 Column 3 Provision(s) Commencement Date/Details 1. Sections 1 to 3 The day on which this Act receives the and anything in Royal Assent. this Act not elsewhere covered by this table 2. Schedule 1 Immediately after the commencement of item 10 of Schedule 9 to the Anti-Terrorism Act (No. 2) 2005. Note: This table relates only to the provisions of this Act as originally 1 passed by the Parliament and assented to. It will not be expanded to 2 deal with provisions inserted in this Act after assent. 3 (2) Column 3 of the table contains additional information that is not 4 part of this Act. Information in this column may be added to or 5 edited in any published version of this Act. 6 3 Schedule(s) 7 Each Act that is specified in a Schedule to this Act is amended or 8 repealed as set out in the applicable items in the Schedule 9 concerned, and any other item in a Schedule to this Act has effect 10 according to its terms. 11 2 Financial Transaction Reports Amendment Bill 2006 No. , 2006 [Page Break] 1 Schedule 1--Financial Transaction Reports 2 Act 1988 3 4 1 Subsection 3(1) (definition of account) 5 Before "Part VIA", insert "Division 3A of Part II or". 6 2 Before section 17FA 7 Insert: 8 17FAA Definition of account 9 In this Division: 10 account includes: 11 (a) a credit card account; and 12 (b) a loan account (other than a credit card account); and 13 (c) an account of money held in the form of units in: 14 (i) a cash management trust; or 15 (ii) a trust of a kind prescribed by the regulations. 16 To avoid doubt, it is immaterial whether: 17 (d) an account has a nil balance; or 18 (e) any transactions have been allowed in relation to an account. 19 3 Paragraph 17FA(1)(a) 20 Omit "a cash dealer", substitute "an ADI". 21 4 Paragraph 17FA(1)(b) 22 Repeal the paragraph, substitute: 23 (b) the ADI is acting on behalf of, or at the request of, another 24 person who is not an ADI; 25 5 Paragraph 17FA(2)(a) 26 Omit "a cash dealer", substitute "an ADI". 27 6 Paragraph 17FA(2)(a) 28 Omit "the cash dealer", substitute "the ADI". 29 Financial Transaction Reports Amendment Bill 2006 No. , 2006 3 [Page Break] 7 Paragraph 17FA(2)(b) 1 Omit "a cash dealer" (wherever occurring), substitute "an ADI". 2 8 Paragraph 17FA(2)(b) 3 Omit "the cash dealer", substitute "the ADI". 4 9 Subsection 17FA(3) (definition of customer information) 5 Omit "a cash dealer", substitute "an ADI". 6 10 Subsection 17FA(3) (paragraph (b) of the definition of 7 customer information) 8 Repeal the paragraph, substitute: 9 (b) either: 10 (i) if the international funds transfer instruction is to be 11 transmitted from a single account held by the ordering 12 customer with the ADI--the account number; or 13 (ii) in any other case--the identification code assigned to 14 the instruction by the ADI. 15 11 Paragraph 17FB(1)(a) 16 Omit "a cash dealer", substitute "an ADI". 17 12 Subsection 17FB(2) 18 Omit "the cash dealer" (wherever occurring), substitute "the ADI". 19 Note: The heading to subsection 17FB(2) is altered by omitting "cash dealer" and substituting 20 "ADI". 21 13 Subsection 17FB(4) 22 Omit "The cash dealer", substitute "The ADI". 23 14 Subsection 17FB(4) 24 Omit "the cash dealer's", substitute "the ADI's". 25 Note: The heading to subsection 17FB(4) is altered by omitting "cash dealer" and substituting 26 "ADI". 27 15 Subsection 17FB(5) 28 Omit "a cash dealer", substitute "an ADI". 29 16 Subsection 17FB(5) 30 4 Financial Transaction Reports Amendment Bill 2006 No. , 2006 [Page Break] Omit "the cash dealer", substitute "the ADI". 1 17 Subsection 17FB(6) (subparagraph (c)(ii) of the definition 2 of customer information) 3 Omit "if the ordering customer does not have an account with the 4 ordering organisation--". 5 Financial Transaction Reports Amendment Bill 2006 No. , 2006 5