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Wednesday, 22 June 2011
Page: 6943

Consideration of Senate Message

Bill returned from the Senate with an amendment.

Ordered that the amendment be considered immediately.

Senate’s amendment—

(1) Schedule 1, page 7 (line 20), after item 18, insert:

18A After subsection 49(1)

Insert:

(1A)   A person (the issuer) must not give a notice under subsection (1) to another person (the recipient) unless the issuer reasonably believes that the recipient has knowledge of the information, or possession or control of the document, that is specified in the notice.

(1B)   The period specified in the notice for giving the information or document must be at least 14 days after the notice is given unless:

(a)   the recipient is the reporting entity who communicated information to the AUSTRAC CEO under section 41, 43 or 45; or

(b)   both of the following apply:

(i)   the issuer considers that specifying a shorter period is necessary;

(ii)   the shorter period specified is reasonable in the circumstances.