Addendum to the Explanatory Memorandum
(Circulated by the authority of the Minister for Justice, the Hon Michael Keenan MP)Notes on Clauses
Schedule 4 - Anti-money laundering and counter-terrorism financing amendments
Item 2 - Section 5 (definition of foreign law enforcement agency)
On page 45, after the sentence: 'The amended definition of 'foreign law enforcement agency' in section 5 of the AML/CTF Act will also provide for a regulation-making power to enable additional international bodies, including those with multijurisdictional law enforcement coordination and cooperation functions, to be prescribed in the future', insert:
"The ability to prescribe additional international bodies through regulation is necessary in order to ensure that any newly-constituted international bodies, in particular those with multi-jurisdictional law enforcement coordination and cooperation functions similar in nature to INTERPOL and Europol, are able to be listed in future as expeditiously as possible. The strategic and tactical value of financial intelligence in the detection and disruption of transnational crime diminishes significantly over time. By enabling the timely addition of future international bodies to the existing definition of 'foreign law enforcement agencies', this measure will ensure that the value of AUSTRAC financial intelligence information is preserved and able to be appropriately leveraged by the necessary agencies and networks. This will both assist in fulfilling our international obligations to combat money laundering and the financing of terrorism, and beneficially affect Australia's relations with foreign countries and international organisations."
Schedule 5 - Disclosure etc. of AusCheck scheme personal information
Item 3 - Subparagraph 14(2)(b)(iii)
On page 48, after the words: 'As described in the outline and in item 1 and 2 above, the AusCheck scheme contains appropriate safeguards to protect the use and disclosure of AusCheck scheme personal information. Safeguards include...', insert:
"privacy protections in the Privacy Act 1998".
On page 48, after the words: 'memoranda of understanding with relevant authorities and the AusCheck Guidelines which underpin AusCheck's information sharing', insert:
"and which must be complied with by AusCheck staff."