Revised Explanatory Memorandum
(Circulated by authority of the Minister for Justice and Customs, Senator the Honourable Chris Ellison)Schedule 5 - Financial Transaction Reports Act 1988
Items 1 and 2
Items 1 and 2 will replace references to "Chairperson" in subsection 16(6) and paragraph 26(1)(c) with references to "Chair". The amendments are consequential on the proposal to replace all references in Commonwealth legislation to "Chairperson" and "Chairman" of the Authority with references to "Chair" of the Authority.
Item 3
Item 3 will amend subsection 27(5) to insert a new paragraph 27(5)(aa) dealing with the disclosure of information by the Authority to the PJC-NCA. The proposed paragraph will enable the Authority to include appropriately desensitised information about financial transactions in the information to be provided to the PJC-NCA.
The proposed amendment is consequential on proposed Items 60 and 61 of Part 12 of Schedule 1 of the Bill, which clarifies and codifies (for the first time) the right of the PJC-NCA to access certain information held by the Authority.
Items 4 and 5
Items 4 and 5 are technical amendments that are consequential on the addition of proposed paragraph 27(5)(aa) (see Item 3).
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