Explanatory Memorandum
(Circulated by authority of the Attorney-General, the Honourable Philip Ruddock MP)Schedule 9 - Financial transaction reporting
This Schedule contains amendments to the Financial Transaction Reports Act 1988 (FTR Act ) to better implement the requirements of the Financial Action Task Force on Money Laundering's (FATF's) Special Recommendations VI (SR VI), VII (SR VII) and IX (SR IX) on Terrorist Financing.
The FTR Act is part of Australia's anti-money laundering and counter-terrorist financing regime. The FTR Act creates a regime of verification of identification records, reporting and record-keeping obligations designed to reduce the incidence, and facilitate the tracking, of money laundering and terrorist financing. Consideration is being given to other reforms to strengthen Australia's anti-money laundering and counter terrorist financing standards as set out in the 40 FATF Recommendations and the nine Special Recommendations on Terrorist Financing.
SR VI deals with the licensing or registration of persons or legal entities involved in the transmission of value or money, including through informal networks (items 5 and 11 of this Schedule). SR VII requires the inclusion, with funds transfer instructions, of customer information about the sender of the funds (items 10, 12, 13, 16 and 17 of this Schedule). SR IX deals with the adoption of systems to help detect the physical cross-border transfer of currency and bearer negotiable instruments (items 1, 2, 6, 8, 9, 14, 15 and 18 to 24 of this Schedule).
Financial Transaction Reports Act 1988
This item inserts a definition of bearer negotiable instrument into subsection 3(1) of the FTR Act . This definition draws on the definition of bearer negotiable instruments in the Interpretative Note to FATF's SR IX on cash couriers. The definition covers any type of instrument that the holder, or some other person, can exchange for cash or a deposit of equivalent value in a bank account.
This item inserts a definition of bill of exchange into subsection 3(1) of the FTR Act . The term is included in the definition of bearer negotiable instrument inserted by item 1 and is defined to have the same meaning as in paragraph 51(xvi) of the Constitution, but does not include a cheque unless the cheque is a cheque that an authorised deposit-taking institution (ADI), bank or other institution draws on itself. ADI is defined in subsection 3(1) of the FTR Act to mean a body corporate that is an ADI for the purposes of the Banking Act 1959 or the Reserve Bank of Australia or a person who carries on State banking within the meaning of paragraph 51(xiii) of the Constitution.
The term bill of exchange can be understood to include an unconditional order in writing addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time a sum certain in money to or to the order of a specified person or to bearer. The reference to the constitutional meaning of the term is a mechanism to enable the meaning of the term to incorporate continuing judicial interpretation.
These items repeal the definition of non-reportable currency transfer from, and insert the definition of non-reportable transfer into, subsection 3(1) of the FTR Act respectively. Non-reportable transfer carries the same meaning as the existing definition of non-reportable currency transfer . This is a technical amendment to correct an error in the FTR Act .
This item inserts a definition of prescribed particulars into subsection 3(1) of the FTR Act . Prescribed particulars are defined to mean particulars prescribed by the regulations made for the purposes of new sections 24E and 24F, which are inserted by item 11.
Under new section 24F, the prescribed particulars of a person who falls within subparagraph (k)(ib) or paragraph (l) of the definition of cash dealer in subsection 3(1) of the FTR Act would be placed on a register of providers of remittance services maintained by the Director of the Australian Transaction Reports and Analysis Centre (AUSTRAC). It is intended that the types of details which may be prescribed particulars for the purposes of the regulations include information such as the name, business address, phone and fax numbers, Australian Business Number (ABN) and email address of relevant persons.
This item inserts a definition of promissory note into subsection 3(1) of the FTR Act . This term is included in the definition of bearer negotiable instrument inserted by item 1 and is defined to have the same meaning as in paragraph 51(xvi) of the Constitution. The term is defined to have the same meaning as in paragraph 51(xvi) of the Constitution. This is a mechanism to enable incorporation of continuing judicial interpretations of the term.
The term promissory note can be understood to include an unconditional promise in writing made by one person to another, signed by the maker, engaging to pay on demand or at a fixed or determinable future time a sum in money to or to the order of a specified person or bearer.
New section 3A - Translation of foreign currency to Australian currency
This item inserts new section 3A into the FTR Act . This new section provides that in determining whether an amount of foreign currency (including an amount in which a bearer negotiable instrument or other document is denominated) is not less than an Australian dollar amount, the amount of foreign currency is to be translated into Australian dollars using the exchange rate applicable at the relevant time.
For example, the relevant time for translating foreign currency to Australian currency for the purpose of section 3A would be when a person brings foreign currency into Australia and fills out a report under section 15.
This item amends the heading to Division 1A of Part II consistent with the inclusion in Division 1A of a new provision concerning bearer negotiable instruments.
New section 15AA - Reports in relation to bearer negotiable instruments taken into or out of Australia
This item inserts new section 15AA into Division 1A of Part II of the FTR Act to better implement FATF SR IX. The Interpretative Note to SR IX: Cash Couriers states that countries may meet their obligations under SR IX by implementing either a declaration or a disclosure system and that a country does not have to use the same type of system for incoming and outgoing cross-border transportation of currency or bearer negotiable instruments. Australia already has a declaration system in place under the FTR Act for transportation of currency into and out of Australia which is designed to monitor cash amounts of $10,000 or more (see section 15 of the FTR Act ).
New subsection 15AA(1) provides that if a person, in response to a request, produces a bearer negotiable instrument that the person has with him or her to an officer, or an officer conducts an examination or search and finds a bearer negotiable instrument, then the officer may request the person to prepare a report for the Director of AUSTRAC (new subsection 15AA(6) defines officer as a police or customs officer). This subsection provides a power, not an obligation, on the officer, to allow the officer flexibility to determine in each case whether or not a report is required. In some instances an officer may consider that it would be more appropriate for further criminal investigation to take place. In such instances AUSTRAC would be informed of the results of that investigation under usual AUSTRAC/police protocols.
There is no monetary limit on the face value of a bearer negotiable instrument that triggers a report under section 15AA. In practice a person will only be required to produce a bearer negotiable instrument when asked by an officer. It is not proposed that the currency declaration system that applies to all persons travelling into or out of Australia be extended to bearer negotiable instruments. This 'disclosure when asked' system will enable more targeted use of customs and police resources. For example, officers may request disclosure by particular persons about whom they might already have some relevant intelligence information.
New subsection 15AA(2) sets out the requirements for the form and content of a report under new subsection (1), which are for the report to be in the approved form, contain the reportable details and be signed by the person giving the report. New subsection (6) defines reportable details as those set out in Schedule 3AA to the FTR Act , which is inserted by item 21, and includes such matters as the amount payable under each bearer negotiable instrument.
New subsection 15AA(3) provides that the report must be given to an officer as soon as possible after the request is made. It is intended that a person who is requested to prepare a report will do so immediately upon request on an approved form provided by the officer requesting the report.
New subsection 15AA(4) creates an offence punishable by two years imprisonment if a person is requested to prepare a report and fails to comply with the request or fails to give the report to an officer in accordance with new subsection (3).
New subsection 15AA(5) provides that the officer must, as soon as practicable after receiving the report, forward it to the Director of AUSTRAC.
As mentioned above, new subsection 15AA(6) defines officer for the purposes of this new section to mean a police officer or a customs officer. Both of these terms are already defined in subsection 3(1) of the FTR Act .
New subsection 15AA(6) also defines reportable details to mean details referred to in new Schedule 3AA to the FTR Act , which is inserted by item 21 of this Schedule. These details are the equivalent of the reportable details for the purposes of section 15, set out in Schedule 3 to the FTR Act , and ensure that reports about currency and reports about bearer negotiable instruments are consistent.
New Division 3A - Customer information to be included in international funds transfer instructions
This item inserts new Division 3A into Part II of the FTR Act . This new Division better implements SR VII, which requires the inclusion, with funds transfer instructions, of customer information about the customer sending the funds. SR VII was developed with the objective of preventing terrorists and other criminals from having unfettered access to wire transfers for moving their funds and for detecting such misuse when it occurs.
Existing Division 3 of Part II of the FTR Act , in particular section 17B, currently requires cash dealers (defined in section 3 of the FTR Act) to report to AUSTRAC any international funds transfer instructions (IFTIs) transmitted into or out of Australia. New Division 3A requires cash dealers in Australia to include required information about the ordering customer with an IFTI when transmitting IFTIs out of Australia, and creates offences for failure to include this information.
New section 17FA - Customer information in international funds transfer instructions transmitted out of Australia
New subsection 17FA(1) provides that where a cash dealer in Australia sends an IFTI out of Australia and the cash dealer is acting on behalf of, or at the request of, another person who is not an ADI and/or the cash dealer is not an ADI, the IFTI must also include customer information relating to the IFTI.
The provision is intended to apply to situations where, for example, a bank sends an IFTI for a customer, or a cash dealer other than a bank, but it is not intended to apply to situations where a bank sends an IFTI on its own behalf. This is because the situation where a bank sends an IFTI on its own behalf is recognised under SR VII as a reduced risk situation for terrorist financing.
An ADI is an authorised deposit taking institution, and is defined in section 3 of the FTR Act to mean a body corporate that is an ADI for the purposes of the Banking Act 1959 or the Reserve Bank of Australia or a person who carries on State banking within the meaning of paragraph 51(xiii) of the Constitution.
The note to new subsection 17FA(1) indicates that a failure to comply with this obligation is an offence under paragraph 28(1)(a) of the FTR Act .
New subsection 17FA(2) provides that if a cash dealer transmits an instruction on behalf of, or at the request of, another person, the cash dealer is taken to be the sender of the instruction. The subsection also provides that if a person, not being a cash dealer, transmits an instruction on behalf of, or at the request of, a cash dealer, the cash dealer is taken to be the sender of the instruction. This ensures consistency with section 17B and means that the obligation under section 17FA will apply to cash dealers who currently have obligations to report IFTIs to AUSTRAC.
New subsection 17FA(3) defines customer information in relation to an IFTI transmitted out of Australia to mean the ordering customer's name and full business or residential address (not being a post office box, so this information can assist the relevant authorities to locate the person if required) and either the number of the ordering customer's account with the cash dealer or, if the customer does not have an account with the cash dealer, the identification code assigned to the IFTI by the cash dealer. This definition is consistent with FATF SR VII and with information currently reported to AUSTRAC under section 17B.
The details of information required to be reported under section 17B can be found in regulation 11AA of the Financial Transaction Reports Regulations 1990 (the Regulations). Paragraphs 11AA(1)(g), (h) and (j) of the Regulations specify that information which is the same as the customer information required to be collected under new subsection 17FA(3).
New subsection (3) also defines financial organisation to mean an organisation that transmits, receives, handles or executes IFTIs and ordering customer to mean a person or organisation (including a financial organisation) on whose behalf an instruction is sent.
New section 17FB - Customer information in international funds transfer instructions transmitted into Australia
New section 17FB deals with IFTIs transmitted into Australia. IFTIs transmitted into Australia are regulated by foreign law, and therefore the information that is transmitted into Australia by an ordering organisation is not information that Australian authorities can readily control. This accounts for the different requirements from those under new section 17FA, where information is transmitted out of Australia and Australian law applies.
New subsection 17FB(1) provides that this new section applies if a cash dealer is the recipient of two or more IFTIs transmitted into Australia by a particular ordering organisation and at least one of the IFTIs does not include customer information relating to the IFTIs. The intention behind this application provision is to ensure that transactions are only caught where there is a pattern of IFTIs transmitted into Australia without customer information.
New subsection 17FB(2) provides the Director of AUSTRAC with a power to direct a cash dealer in writing to request the ordering organisation to include in all future IFTIs transmitted to it by the ordering organisation, customer information relating to those IFTIs. The direction must state that the cash dealer is to comply with the request within 14 days after the date of the direction.
This information assists law enforcement authorities in detecting, investigating and prosecuting terrorists or other criminals and tracing the assets of terrorists or other criminals. The information is also required to assist in analysing suspicious or unusual activity and to assist in the identification and reporting of suspicious activity.
New subsection 17FB(3) provides that it is an offence to be given a direction under new subsection 17FB(2) and not comply with it within 14 days after the date of the direction. This offence is punishable by imprisonment for two years. It is important to note that the obligation on the Australian cash dealer is only to request the ordering organisation to provide the information. The Australian cash dealer does not commit an offence if it requests the ordering organisation to provide the information but the ordering organisation does not do so.
The note to new subsection 17FB(3) indicates that under subsection 4B(2) of the Crimes Act a court may impose a fine instead of, or in addition to, the two year term of imprisonment.
New subsection 17FB(4) provides that where a cash dealer receives a request from the Director of AUSTRAC under new subsection 17FB(2), the cash dealer must report to the Director in writing on the response, or lack of response, from the ordering organisation in relation to the request. The cash dealer must respond to the Director of AUSTRAC within 28 days after the date of the direction or within such further time as is allowed by the Director.
The note to new subsection (4) indicates that failure to comply with the timeframe imposed to report to the Director of AUSTRAC is an offence under paragraph 28(1)(a) of the FTR Act . The maximum penalty for such an offence is two years imprisonment.
New subsection 17FB(5) is an avoidance of doubt provision which clarifies that a cash dealer may make available funds received from an IFTI even if the IFTI transmitted to the cash dealer did not include customer information relating to that IFTI. This provision is inserted to ensure that the ordinary course of business is not disrupted by these amendments.
New subsection 17FB(6) defines customer information to have the same meaning as in new section 17FA except that it includes, as alternatives to the ordering customer's full business or residential address, the ordering customer's date and place of birth or a unique identification number given to the ordering customer by either a foreign government or the ordering organisation. This change recognises that foreign law may require the collection of different information to that required under Australian law.
New subsection 17FB(6) also defines financial organisation and ordering customer consistent with the meanings given in new section 17FA, and ordering organisation , in relation to an IFTI, to mean the financial organisation that the ordering customer originally asked to send the IFTI or that initiated the sending of the IFTI on its own behalf.
New Part IIIB - Register of Providers of Remittance Services
This item inserts new Part IIIB into the FTR Act to better implement FATF's SR VI. This recommendation requires the licensing or registration of persons or legal entities that provide a service for the transmission of money or value, including through informal networks. SR VI is particularly targeted at alternative remittance providers who provide funds transfer services through informal mechanisms. FATF has identified alternative remittance providers as a common conduit for terrorists to transfer funds. Under Part IIIB, cash dealers who provide remittance services will be required to be registered.
New section 24E - Advice by certain cash dealers to the Director
New subsection 24E(1) provides that a cash dealer who is not a financial institution or a real estate agent acting in the ordinary course of real estate business, and:
- (a)
- who carries on a business of remitting or transferring currency or prescribed commercial instruments, or making electronic funds transfers, into or out of Australia on behalf of other persons, or arranging for such remittance or transfer (subparagraph (k)(ib) of the definition of cash dealer in subsection 3(1) of the FTR Act);
- (b)
- who carries on a business in Australia of arranging, on behalf of other persons, funds to be made available outside Australia to those persons or others (subparagraph (l)(i) of the definition of cash dealer in subsection 3(1) of the FTR Act); or
- (c)
- who carries on a business in Australia of, on behalf of other persons outside Australia, arranging for funds to be made available, in Australia, to those persons or others (subparagraph (l)(ii) of the definition of cash dealer in subsection 3(1) of the FTR Act);
- must advise the Director of AUSTRAC in writing of the cash dealer's name and all prescribed particulars, and of the fact that they provide those services, so that AUSTRAC can maintain the person's details on a register created under new section 24F.
New subsection 24E(2) provides that it is an offence for a cash dealer to whom new subsection (1) applies to fail to notify the Director of AUSTRAC in writing within 30 days of commencement of the section or of starting their business (whichever is the later) with the relevant details. This offence is punishable by imprisonment for two years.
The note to new subsection (2) indicates that under subsection 4B(2) of the Crimes Act a court may impose a fine instead of, or in addition to, the two year term of imprisonment.
Prescribed particulars is defined in the amendment to subsection 3(1) of the FTR Act, inserted by item 5, to mean particulars prescribed by the regulations for the purposes of new sections 24E and 24F. The regulations are likely to include details such as the name, business address, phone and fax numbers, Australian Business Number and email address of the cash dealer.
New section 24F - Register of Providers of Remittance Services
New subsection 24F(1) provides that the Director of AUSTRAC must maintain a register of cash dealers to be known as the Register of Providers of Remittance Services, which includes the names and all prescribed particulars of the cash dealers. The cash dealers to whom new section 24F applies are those described in the explanation of new section 24E above. Similarly, the prescribed particulars that apply to this section are those described above.
New subsection 24F(2) provides that the Register may be maintained electronically.
New subsection 24F(3) enables an authorised officer of AUSTRAC to require a cash dealer to provide their name and all prescribed particulars, where the authorised officer has reason to believe that the cash dealer is a cash dealer of a kind described in the explanation of new section 24E above and that the Director does not have those details required by new subsection (1). The authorised officer may request these details either orally or in writing, and if so, must inform the cash dealer of the offence provision contained in new subsection 24F(4).
New subsection 24F(4) provides that it is an offence for a person who is requested to provide information under new subsection (3) to fail to provide their name and all prescribed particulars within 14 days after the day on which the request for information is made. This offence is punishable by imprisonment for two years.
The note to new subsection (4) indicates that under subsection 4B(2) of the Crimes Act a court may impose a fine instead of, or in addition to, the two year term of imprisonment.
The proposed Register of Providers of Remittance Services will not be a legislative instrument for the purposes of section 5 of the Legislative Instruments Act 2003 , as the Register will simply hold administrative details of relevant cash dealers.
These items amend paragraph 28(1)(a) and subsection 29(1) of the FTR Act to extend the operation of the offences of failing to communicate information when and as required under Parts II or III, and providing false or misleading information under Parts II or III, to all required communications, not just those communications to the Director of AUSTRAC. This reflects the new provisions which require communication to a person other than the Director. For example, the offences would apply if a cash dealer failed to include customer information, or included false or misleading information, with an IFTI in accordance with new subsection 17FA(1) (see item 10 of this Schedule above). These offences of failing to communicate information when required or providing false or misleading information are punishable by imprisonment for two years under existing subsections 28(4) and 29(5) respectively.
These items amend paragraph 29(3)(a) of the FTR Act to extend the operation of the offence of providing false or misleading information to reports required to be made under new section 15AA and to declarations required to be made under new section 33AA. This offence of providing false or misleading information is punishable by imprisonment for five years under existing subsection 29(5). These amendments are intended to ensure that the offences in relation to providing a false or misleading report or declaration about transfers of bearer negotiable instruments are the same as those concerning providing a false or misleading report or declaration about currency.
This item inserts new paragraph 29(4)(ba) into section 29 of the FTR Act making it an offence if a person makes a statement (either orally or in writing) or presents a document that is, to the person's knowledge, false or misleading in a material particular and is capable of causing a cash dealer, to include customer information relating to an IFTI, that is false or misleading in a material particular. This offence is punishable by imprisonment for five years under existing subsection 29(5). Customer information in relation to IFTIs transmitted out of Australia is defined in subsection 17FA(3) (see item 10 of this Schedule above)..
This item amends subsection 30(1) of the FTR Act to extend the operation of the offence of communicating incomplete information when and as required under Part II to all required communications, not just those communications to the Director of AUSTRAC. This reflects the new provisions which require communication to a person other than the Director. For example, an offence may be committed if a cash dealer deliberately does not include the full address details of a customer in an IFTI as required under new subsection 17FA(1) (see item 10 of this Schedule above). This offence of failing to communicate information when required is punishable by a fine of 10 penalty units, which under section 4AA of the Crimes Act is equivalent to $1100.
New section 33AA - Questioning and search powers in relation to bearer negotiable instruments
Item 18 inserts new section 33AA into Part V of the FTR Act . This new section contains the operational provisions that implement a 'disclosure when asked' system in relation to bearer negotiable instruments as required under FATF SR IX concerning Cash Couriers. The reporting structure in new section 15AA inserted by item 9 of this Schedule is activated as a result of the use of these questioning and search powers.
New subsections 33AA(1) and (2) provide that any person who is about to leave, or who arrives in, Australia must declare whether or not they have any bearer negotiable instruments with them and the amount payable under each instrument and produce each instrument, if requested to do so by an officer (defined as a police officer or a customs officer for the purposes of this section by new subsection 33A(13)). If a person fails to declare or produce a bearer negotiable instrument as required under new subsections 33AA(1) or (2) then that person commits an offence punishable by imprisonment for one year under new subsection 33AA(12).
New subsection 33AA(3) provides that an officer may make a copy of a bearer negotiable instrument that is produced by a person and that the officer must return the instrument to the person once it is copied.
This provision does not mean that every bearer negotiable instrument that is produced must be copied. It is intended to give an officer flexibility to determine whether or not a copy is required under the circumstances. For example it is envisaged that a copy could be taken where the bearer negotiable instrument is in a foreign language and the amount payable under the instrument is unclear. This copy could then be attached to a report sent to the Director of AUSTRAC.
New subsection 33AA(4) provides that the search powers in new subsections (5) and (6) only apply if an officer has asked a person questions about a bearer negotiable instrument under new subsection (1) or (2) and the officer has reasonable grounds to suspect that the person has made a false or misleading declaration. The search powers are enlivened because a false declaration in relation to a bearer negotiable instrument could be indicative of involvement in terrorist financing, money laundering or other criminal activity.
New subsection 33AA(5) provides that an officer may, with such assistance as is reasonable and necessary, examine an article that a person has with them, such as a person's luggage, to look for a bearer negotiable instrument, if the person is about to leave or has just arrived in Australia, or is about to board or leave, or has boarded or left, any ship or aircraft. The subsection only applies when the officer has asked questions under new subsection (1) or (2) and has reasonable grounds to suspect that the person has made a false declaration. As a result of the examination the officer may request the person to prepare a report for the Director of AUSTRAC in accordance with new section 15AA (see item 9 of this Schedule above), or where the person is suspected of being involved in more serious criminal activity the person may be detained for further investigation by the police.
New subsection 33AA(6) provides that an officer may, with such assistance as is reasonable and necessary, search a person for the purpose of finding out whether the person has with them a bearer negotiable instrument, if the person is about to leave or has just arrived in Australia, or is about to board or leave, or has boarded or left, any ship or aircraft. The subsection only applies when the officer has asked questions under new subsection (1) or (2), has reasonable grounds to suspect that the person has made a false declaration and has reasonable grounds to suspect that there may be a bearer negotiable instrument on the person or in clothing worn by the person, in respect of which the false declaration was made. As a result of a search under new subsection (6), an officer may request a person to prepare a report under new section 15AA. Where a person is suspected of being involved in more serious criminal activity they may be detained for further investigation by the police.
New subsection 33AA(7) provides that a customs officer may only carry out a search under new subsection (6), if there is in force a declaration under section 219ZA of the Customs Act 1901 for that class of officer. This is to ensure that any customs officer conducting a search is required to comply with the procedures set out in Division 1B of Part XII of the Customs Act 1901 .
New subsection 33AA(8) provides that an officer may only search a person, under new subsection (6), who is the same sex as the officer.
New subsection 33AA(9) provides that an officer and any person assisting the officer may board any ship or aircraft or go onto or enter any prescribed place, being a place prescribed in the regulations under section 33, to exercise the questioning and or search powers in new subsection (1), (2), (5), (6), or (10). The reason for this provision is to align the questioning and search powers in relation to physical cross border transfers of bearer negotiable instruments with those relating to currency.
New subsection 33AA(10) provides that, in the course of an examination or search, an officer may seize a bearer negotiable instrument in respect of which a false declaration has been made. New subsection 33A(11) provides that if a person produces a bearer negotiable instrument to an officer in respect of which a false declaration has been made, the officer may seize it.
New subsection 33A(12) provides that it is an offence to fail to declare or produce a bearer negotiable instrument as required under new subsection (1) or (2). This offence is punishable by imprisonment for one year.
The note to new subsection (12) indicates that under subsection 4B(2) of the Crimes Act a court may impose a fine instead of, or in addition to, the one year term of imprisonment.
The note to item 18 amends the heading to section 33 so that it refers to currency. The reason for this change is to clearly set out the regime for questioning and searching in relation to currency under section 33 as a separate and distinct regime to that in relation to bearer negotiable instruments set out in new section 33AA.
These items make consequential amendments to section 33A of the FTR Act to ensure that offences against existing section 15 and new section 15AA have the same consequences.
The effect of the amendment in item 19 is to extend the operation of new section 33A to enable an officer to arrest a person without a warrant where the officer has reasonable grounds to believe that a person is guilty of an offence under new section 15AA.
The effect of the amendment in item 20 is to extend the arrest without warrant power under existing subsection 33A(1) to include an offence against section 6 of the Crimes Act 1914 or section 11.1, 11.4 or 11.5 of the Criminal Code that relates to an offence against new section 15AA of the FTR Act . These provisions deal with extensions of criminal responsibility such as attempt and incitement.
New Schedule 3AA - Reportable details for purposes of section 15AA
This item inserts new Schedule 3AA to the FTR Act in relation to bearer negotiable instruments. Schedule 3AA provides the reportable details referred to in new subsection 15AA(6), inserted by item 9 above. The reportable details for the purposes of new section 15AA are the equivalent of the reportable details for the purposes of section 15, set out in Schedule 3 to the FTR Act , and ensure that reports about currency and reports about bearer negotiable instruments are consistent.
Proceeds of Crime Act 2002
These items make consequential amendments to subsection 29(3) and the definition of serious offence in section 338 of the Proceeds of Crime Act 2002 respectively, to ensure that the offences against sections 15 and 15AA of the FTR Act have the same consequences. These provisions relate to restraining orders that may be issued under the Proceeds of Crime Act 2002 .
Surveillance Devices Act 2004
This item makes a consequential amendment to the definition of relevant offence in subsection 6(1) of the Surveillance Devices Act 2004 , to ensure that the offences against sections 15 and 15AA of the FTR Act have the same consequences. This definition relates to the availability of warrants under the Surveillance Devices Act 2004 .