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Financial Transaction Reports Amendment (Transitional Arrangements) Bill 2008

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.