Commonwealth Numbered Acts

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 (NO. 169, 2006) - SECT 212

             (1)  The functions of the AUSTRAC CEO are:

                     (a)  to retain, compile, analyse and disseminate eligible collected information; and

                     (b)  to provide advice and assistance, in relation to AUSTRAC information, to the persons and agencies who are entitled or authorised to access AUSTRAC information under Part 11; and

                     (c)  to advise and assist reporting entities in relation to their obligations under this Act, the regulations and the AML/CTF Rules; and

                     (d)  to advise and assist the representatives of reporting entities in relation to compliance by reporting entities with this Act, the regulations and the AML/CTF Rules; and

                     (e)  to promote compliance with this Act, the regulations and the AML/CTF Rules; and

                      (f)  such other functions as are conferred on the AUSTRAC CEO by or under:

                              (i)  this Act; or

                             (ii)  the regulations; or

                            (iii)  any other law of the Commonwealth.

Note:          The AUSTRAC CEO's other functions include:

(a)           monitoring compliance with this Act, the regulations and the AML/CTF Rules (see section 190); and

(b)           making AML/CTF Rules (see section 229).

             (2)  In performing the AUSTRAC CEO's functions, the AUSTRAC CEO must:

                     (a)  consult with the following:

                              (i)  reporting entities or the representatives of reporting entities;

                             (ii)  the Commissioner of the Australian Federal Police;

                            (iii)  the Chief Executive Officer of the Australian Crime Commission;

                            (iv)  the Commissioner of Taxation;

                             (v)  the Chief Executive Officer of Customs;

                            (vi)  the Privacy Commissioner; and

                     (b)  take into account any comments made in the course of those consultations.

             (3)  In performing the AUSTRAC CEO's functions under this Act, the AUSTRAC CEO must have regard to the following:

                     (a)  the integrity of the financial system;

                     (b)  crime reduction;

                     (c)  the desirability of ensuring that regulatory considerations are addressed in a way that does not impose unnecessary financial and administrative burdens on reporting entities;

                     (d)  the desirability of adopting a risk‑based approach;

                     (e)  competitive neutrality;

                      (f)  competition;

                     (g)  economic efficiency;

                     (h)  privacy;

                      (i)  such other matters (if any) as the AUSTRAC CEO considers relevant.

             (4)  In performing the AUSTRAC CEO's functions under this Act, the AUSTRAC CEO must have regard to:

                     (a)  any relevant FATF Recommendations; and

                     (b)  any relevant Conventions mentioned in subsection 3(3); and

                     (c)  any relevant Resolutions mentioned in subsection 3(3).

             (5)  Any failure to comply with the requirements of subsection (2), (3) or (4) in relation to the performance of a function of the AUSTRAC CEO does not affect the validity of the performance of the function.

             (6)  Subsection (5) does not apply in determining the constitutional validity of the performance of the AUSTRAC CEO's functions.