Financial Transaction Reports Amendment (Transitional Arrangements) Act 2008
(124 of 2008)
An Act to amend the Financial Transaction Reports Act 1988, and for related purposes.
[Assented to 25 November 2008]
The Parliament of Australia enacts:
1 Short title
This Act may be cited as the Financial Transaction Reports Amendment (Transitional Arrangements) Act 2008.
2 Commencement
This Act commences on the day on which it receives the Royal Assent.
3 Schedule(s)
Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
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.