New South Wales Consolidated Acts

FINANCIAL TRANSACTION REPORTS ACT 1992 - SECT 7

7 Reports of suspect transactions not reported under Commonwealth Act

(1) A cash dealer who is a party to a transaction, and has reasonable grounds to suspect that information that the cash dealer has concerning the transaction:

(a) may be relevant to the investigation of, or prosecution of a person for, an offence against the law of the State, or

(b) may be of assistance in the enforcement of the Confiscation of Proceeds of Crime Act 1989 or the Criminal Assets Recovery Act 1990 or in the administration of the Independent Commission Against Corruption Act 1988 ,

must, as soon as practicable after forming the suspicion, prepare a report of the transaction and communicate the information contained in it to the Director.

Maximum penalty: 400 penalty units or imprisonment for 2 years, or both.

(2) Subsection (1) applies whether or not the cash dealer is required to report the transaction under Division 1 of Part II of the Commonwealth Act, but only if the cash dealer is not required to report the transaction under Division 2 of Part II of the Commonwealth Act.

(3) The report must:

(a) be in the form approved by the Director for the purposes of section 16 of the Commonwealth Act, and

(b) contain the reportable details of the transaction, and

(c) contain a statement of the grounds on which the cash dealer holds the suspicion mentioned in subsection (1), and

(d) be signed by the cash dealer.

(4) The communication to the Director of the information contained in the report must be made:

(a) by giving the Director a copy of the report, or

(b) in any other way approved by the Director.

(5) An approval for the purposes of subsection (4) (b):

(a) must be in writing, and

(b) may relate to a specified cash dealer or class of cash dealers.

(6) If a cash dealer communicates information to the Director under subsection (1), the cash dealer must, if requested to do so by:

(a) the Commissioner of Police, or

(b) the Commissioner of the New South Wales Crime Commission, or

(c) the Commissioner for the Independent Commission Against Corruption, or

(d) a police officer who is carrying out an investigation arising from, or relating to the matters referred to in, the information,

give such additional information as is specified in the request to the person requesting it.

(7) The additional information is to be information that:

(a) may be relevant to the investigation of, or prosecution of a person for, an offence against the law of the State, or

(b) may be of assistance in the enforcement of the Confiscation of Proceeds of Crime Act 1989 or the Criminal Assets Recovery Act 1990 or in the administration of the Independent Commission Against Corruption Act 1988 .

(8) The cash dealer must comply with the request to the extent that the cash dealer has the further information.

Maximum penalty: 400 penalty units or imprisonment for 2 years, or both.

(9) In this section:
"reportable details", in relation to a transaction, means the details of the transaction that are referred to in Schedule 4 to the Commonwealth Act.

Note: The text of Schedule 4 to the Commonwealth Act is set out in the Note at the end of this Act.