Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Schedule 9—Amendment of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006

Schedule 9 Amendment of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006

Part 1 Reports about physical currency

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

1  After subsection 53(8) (before the notes)

Insert:

             (9)  If a report under this section in respect of the movement of physical currency out of Australia is to be given electronically, the report must be given to the AUSTRAC CEO using an electronic system prescribed by the AML/CTF Rules.

2  After paragraph 54(1)(a)

Insert:

                    (aa)  if the movement of the physical currency is to be effected by a person taking the physical currency out of Australia with the person, and the report is to be given using an electronic system referred to in subsection 53(9)—within the period prescribed by the AML/CTF Rules (which must end at or before the time worked out under subsection (3)); or

3  Paragraph 54(1)(b)

After “with the person”, insert “, and paragraph (aa) does not apply”.

4  Subsection 54(3)

Omit “paragraph (1)(b)”, substitute “paragraphs (1)(aa) and (b)”.

5  Application of amendments

The amendments made by this Part apply in relation to a movement of physical currency out of Australia after the commencement of this Schedule.

Part 2 The Australian Charities and Not-for-profits Commission

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

6  Section 5 (after paragraph (ge) of the definition of designated agency )

Insert:

                    (gf)  the Australian Charities and Not-for-profits Commission; or

7  Application of amendment

(1)       The amendment of section 5 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 made by this Part applies in relation to disclosures of, and access to, information after this item commences, whether the information was obtained before, on or after that commencement.

(2)       For the purposes of the Anti-Money Laundering and Counter - Terrorism Financing Act 2006 , if information is disclosed in accordance with a provision of that Act to an official of the Australian Charities and Not-for-profits Commission before this item commences, the information is taken to have been disclosed to an official of a designated agency.