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Wednesday, 27 May 1987
Page: 3464

(Question No. 5324)


Mr Jacobi asked the Attorney-General, upon notice, on 30 April 1987:

When will he introduce legislation similar to that operating in the USA requiring all banks to report cash transactions exceeding $10,000, to combat the role played by Australian financial institutions in assisting organised crime through illicit money laundering and facilitating large scale tax avoidance, as he indicated he would in his answer to my question No. 2132 (Hansard, 11 February 1986, page 43).


Mr Lionel Bowen —The answer to the honourable member's question is as follows:

I introduced the Cash Transaction Reports Bill 1987 into the Parliament on 13 May 1987. That Bill establishes a similar scheme to that operating in the USA requiring financial institutions to report cash transactions exceeding $10,000 to combat the role played by Australian financial institutions in assisting organised crime through illicit money laundering and facilitating large scale tax avoidance.