Financial Transaction Reports Act 1988
The functions of the AUSTRAC CEO include:
(a) (Repealed by No 170 of 2006)
(ab) (Repealed by No 170 of 2006)
(b) to collect, retain, compile, analyse and disseminate FTR information; and
(c) to monitor entries made in financial institutions' exemption registers; and
(d) to provide advice and assistance to the Commissioner in relation to FTR information; and
(e) to issue guidelines to cash dealers about their obligations under this Act and the regulations.
View history note
Hide history noteIn performing the AUSTRAC CEO's functions under this Act, the AUSTRAC CEO must:
(a) consult with cash dealers, or the representatives of cash dealers, in relation to the performance of the AUSTRAC CEO's functions under this Act; and
(b) take into account any comments made in the course of consultations referred to in paragraph (a).
In performing the AUSTRAC CEO's functions under this Act, the AUSTRAC CEO must have regard to the desirability of:
(a) avoiding duplication in the analysis of information by the AUSTRAC CEO and the Commissioner;
(b) attaining compatibility and integration of FTR information and other information held by the Commissioner;
(c) maximising the utilisation of FTR information for taxation purposes; and
(d) consulting with the Commissioner in relation to the performance of the AUSTRAC CEO's functions under this Act.
In performing the AUSTRAC CEO's functions under this Act, the AUSTRAC CEO must:
(a) take into account any comments made by the Commissioner in the course of consultations referred to in subsection (3); and
(b) carry out, as far as is practicable, analysis of FTR information at the request of the Commissioner.
Any failure to comply with the requirements of subsection (2) in relation to the performance of a function of the AUSTRAC CEO does not affect the validity of the performance of the function.
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