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Financial Transaction Reports Amendment (Transitional Arrangements) Act
2008


No. 124, 2008





An Act to amend the Financial Transaction Reports Act 1988, and for related
purposes


Contents
           1     Short title 1
           2     Commencement     2
           3     Schedule(s) 2

Schedule 1-Amendments  3
       Financial Transaction Reports Act 1988 3

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Financial Transaction Reports Amendment (Transitional Arrangements) Act
2008

No. 124, 2008





An Act to amend the Financial Transaction Reports Act 1988, and for related
purposes

[Assented to 25 November 2008]

The Parliament of Australia enacts:

1  Short title

            This Act may be cited as the Financial Transaction Reports
         Amendment (Transitional Arrangements) Act 2008.

2  Commencement

            This Act commences on the day on which it receives the Royal
         Assent.

3  Schedule(s)

            Each Act that is specified in a Schedule to this Act is amended
         or repealed as set out in the applicable items in the Schedule
         concerned, and any other item in a Schedule to this Act has effect
         according to its terms.

Schedule 1-Amendments


Financial Transaction Reports Act 1988

1  Subparagraph 7(1)(f)(ii)
      Omit "the commencement of Division 3 of Part 3 of the Anti-Money
      Laundering and Counter-Terrorism Financing Act 2006", substitute
      "11 March 2010".

2  After subsection 7(1)
      Insert:

      (1A)  Subsection (1) does not apply in relation to a transaction if
         the cash dealer complies with section 43 of the Anti-Money
         Laundering and Counter-Terrorism Financing Act 2006 in relation to
         the transaction.

3  Subsection 11(2A)
      Omit "the commencement of Division 1 of Part 3 of the Anti-Money
      Laundering and Counter-Terrorism Financing Act 2006", substitute
      "11 March 2010".

4  Subsection 15A(1)
      Omit "subsection (3A)", substitute "subsections (3A) and (3B)".

5  Paragraph 15A(3A)(b)
      Omit "the commencement of Division 1 of Part 3 of the Anti-Money
      Laundering and Counter-Terrorism Financing Act 2006", substitute
      "11 March 2010".

6  After subsection 15A(3A)
      Insert:

      (3B)  Subsection (1) does not apply in relation to a transaction if
         the solicitor, corporation or partnership complies with section 43
         of the Anti-Money Laundering and Counter-Terrorism Financing Act
         2006 in relation to the transaction.

7  Subsections 16(1) and (1A)
      Omit "subsection (4A)", substitute "subsections (4A) and (4B)".

8  Paragraph 16(4A)(b)
      Omit "the commencement of Division 1 of Part 3 of the Anti-Money
      Laundering and Counter-Terrorism Financing Act 2006", substitute
      "11 March 2010".

9  After subsection 16(4A)
      Insert:

      (4B)  Subsection (1) or (1A) does not apply in relation to a
         transaction if the cash dealer complies with section 41 of the Anti-
         Money Laundering and Counter-Terrorism Financing Act 2006 in
         relation to the transaction.

10  Paragraph 17B(1)(a)
      Omit "the commencement of Division 1 of Part 3 of the Anti-Money
      Laundering and Counter-Terrorism Financing Act 2006", substitute
      "12 March 2010".

11  After subsection 17B(1)
      Insert:

      (1A)  Subsection (1) does not apply in relation to an instruction if
         the cash dealer complies with section 45 of the Anti-Money
         Laundering and Counter-Terrorism Financing Act 2006 in relation to
         the instruction.


[Minister's second reading speech made in-
House of Representatives on 18 September 2008
Senate on 14 October 2008]
(177/08)