New South Wales Consolidated Acts

CRIMINAL ASSETS RECOVERY ACT 1990 - SECT 48

48 Monitoring orders

(1) If an authorised officer has reasonable grounds for suspecting that a financial institution may obtain information about transactions conducted by a particular person with the institution, the officer may--

(a) lay before the Supreme Court an information on oath setting out those grounds, and

(b) apply to the Court for the making of an order directing the financial institution to give to the Commission, or to an authorised officer nominated by the Commission, information obtained by the institution about transactions conducted by the person with the institution.

(2) The Supreme Court is not to make a monitoring order unless satisfied that there are reasonable grounds for suspecting that the person in respect of whose transactions the information is sought--

(a) has been, or is about to be, involved in a serious crime related activity, or

(b) has acquired, or is about to acquire, directly or indirectly, any serious crime derived property or, in the case of a person referred to in paragraph (a), any illegally acquired property, or

(c) has acquired, or is about to acquire, any fraudulently acquired property, or

(d) has current or previous wealth exceeding the value of the person's lawfully acquired wealth by--

(i) for money--$250,000, or

(ii) otherwise--$2,000,000.

(3) A monitoring order must specify--

(a) the nature of the transactions to be monitored, and

(b) the kind of information that the institution is required to give, and

(c) the manner in which the information is to be given.

(4) A monitoring order applies in relation to transactions conducted during the period specified in the order (being a period commencing not earlier than the day on which notice of the order is given to the financial institution and ending not later than 3 months after the date of the order).

(5) If the Supreme Court makes a monitoring order, the Commission must give notice of the order to the financial institution to which the order applies.