Commonwealth Numbered Acts Commonwealth Numbered ActsTermination
(1) The Minister may terminate the appointment of the AUSTRAC CEO for misbehaviour or physical or mental incapacity.
(2) The Minister may terminate the appointment of the AUSTRAC CEO if:
(a) the AUSTRAC CEO:
(i) becomes bankrupt; or
(ii) applies to take the benefit of any law for the relief of bankrupt or insolvent debtors; or
(iii) compounds with his or her creditors; or
(iv) makes an assignment of his or her remuneration for the benefit of his or her creditors; or
(b) the AUSTRAC CEO is absent from duty, except on leave of absence, for 14 consecutive days or for 28 days in any 12 months; or
(c) the AUSTRAC CEO engages, except with the Minister's approval, in paid employment outside the duties of his or her office; or
(d) the AUSTRAC CEO fails, without reasonable excuse, to comply with section 218; or
(e) the Minister is satisfied that the performance of the AUSTRAC CEO has been unsatisfactory for a significant period.
Conflict of interest
(3) If the Minister becomes aware, whether because of a notification under section 218 or otherwise, that the AUSTRAC CEO has an interest that could conflict with the proper performance of the AUSTRAC CEO's duties, the Minister must make a written determination either that the interest does, or that it does not, pose a significant risk of a conflict of interest.
(4) If the Minister determines that the interest poses a significant risk, the Minister must require the AUSTRAC CEO to dispose of that interest within a period specified by the Minister.
(5) If:
(a) the Minister requires the AUSTRAC CEO to dispose of an interest; and
(b) the AUSTRAC CEO refuses or fails to comply with that requirement;
the Minister must terminate the appointment of the AUSTRAC CEO.