New South Wales Consolidated Acts

CRIMINAL ASSETS RECOVERY ACT 1990 - SECT 52

52 Protection for financial institution-money laundering

(1) If a financial institution is, or has been, subject to a monitoring order, the fact that the monitoring order has been made is to be disregarded for the purposes of section 73 (Money laundering) of the Confiscation of Proceeds of Crime Act 1989 in relation to the institution.

(2) If a financial institution, or a person who is an officer, employee or agent of the institution, gives information pursuant to section 51 as soon as practicable after forming the belief referred to in that section, the institution or person is to be taken, for the purposes of section 73 of the Confiscation of Proceeds of Crime Act 1989 (Money laundering) not to have been in possession of the information at any time.