FINANCIAL TRANSACTION REPORTS AMENDMENT BILL 2006

2004-2005-2006

The Parliament of the

Commonwealth of Australia

THE SENATE

Presented and read a first time

Financial Transaction Reports Amendment Bill 2006

No. , 2006

(Justice and Customs)

A Bill for an Act to amend the Financial Transaction Reports Act 1988, and for related purposes

Contents

A Bill for an Act to amend the Financial Transaction Reports Act 1988, and for related purposes

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the Financial Transaction Reports Amendment Act 2006.

2 Commencement

(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Commencement information
Column 1	Column 2	Column 3
Provision(s)	Commencement	Date/Details
1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table	The day on which this Act receives the Royal Assent.
2. Schedule 1	Immediately after the commencement of item 10 of Schedule 9 to the Anti-Terrorism Act (No. 2) 2005.

Note: This table relates only to the provisions of this Act as originally passed by the Parliament and assented to. It will not be expanded to deal with provisions inserted in this Act after assent.

(2) Column 3 of the table contains additional information that is not part of this Act. Information in this column may be added to or edited in any published version of this Act.

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Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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--Financial Transaction Reports Act 1988

1 Subsection 3(1) (definition of account)

Before "Part VIA", insert "Division 3A of Part II or".

2 Before section 17FA

Insert:

17FAA Definition of account

In this Division:

account includes:

(a) a credit card account; and

(b) a loan account (other than a credit card account); and

(i) a cash management trust; or

(ii) a trust of a kind prescribed by the regulations.

To avoid doubt, it is immaterial whether:

(d) an account has a nil balance; or

(e) any transactions have been allowed in relation to an account.

3 Paragraph 17FA(1)(a)

Omit "a cash dealer", substitute "an ADI".

4 Paragraph 17FA(1)(b)

Repeal the paragraph, substitute:

(b) the ADI is acting on behalf of, or at the request of, another person who is not an ADI;

5 Paragraph 17FA(2)(a)

Omit "a cash dealer", substitute "an ADI".

6 Paragraph 17FA(2)(a)

Omit "the cash dealer", substitute "the ADI".

7 Paragraph 17FA(2)(b)

Omit "a cash dealer" (wherever occurring), substitute "an ADI".

8 Paragraph 17FA(2)(b)

Omit "the cash dealer", substitute "the ADI".

9 Subsection 17FA(3) (definition of customer information)

Omit "a cash dealer", substitute "an ADI".

10 Subsection 17FA(3) (paragraph (b) of the definition of customer information)

Repeal the paragraph, substitute:

(b) either:

(i) if the international funds transfer instruction is to be transmitted from a single account held by the ordering customer with the ADI--the account number; or

(ii) in any other case--the identification code assigned to the instruction by the ADI.

11 Paragraph 17FB(1)(a)

Omit "a cash dealer", substitute "an ADI".

12 Subsection 17FB(2)

Omit "the cash dealer" (wherever occurring), substitute "the ADI".

Note: The heading to subsection 17FB(2) is altered by omitting "cash dealer" and substituting "ADI".

13 Subsection 17FB(4)

Omit "The cash dealer", substitute "The ADI".

14 Subsection 17FB(4)

Omit "the cash dealer's", substitute "the ADI's".

Note: The heading to subsection 17FB(4) is altered by omitting "cash dealer" and substituting "ADI".

15 Subsection 17FB(5)

Omit "a cash dealer", substitute "an ADI".

16 Subsection 17FB(5)

Omit "the cash dealer", substitute "the ADI".

17 Subsection 17FB(6) (subparagraph (c)(ii) of the definition of customer information)

Omit "if the ordering customer does not have an account with the ordering organisation--".

Schedule 1 Financial Transaction Reports Act 1988

Financial Transaction Reports Act 1988 Schedule 1

Financial Transaction Reports Amendment Bill 2006 No. , 2006

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