Northern Territory Numbered Acts

FINANCIAL TRANSACTION REPORTS AMENDMENT ACT 2010 (NO 23 OF 2010) - SECT 6

Sections 5, 6 and 7

repeal, substitute

5     Further information about matters reported by cash dealers under FTR Act

    (1)     This section applies if a cash dealer communicates information to the AUSTRAC CEO under section 16(1) or (1A) of the FTR Act.

    (2)     A designated authority may request the cash dealer to give to the designated authority the further information as stated in the request.

    (3)     The further information must be information that:

    (a)     may be relevant to the investigation of, or prosecution of a person for, an offence against a law of the Territory; or

    (b)     may be of assistance in the enforcement of the Criminal Property Forfeiture Act .

    (4)     The cash dealer must comply with the request to the extent that the cash dealer has the further information.

Maximum penalty:     85 penalty units or imprisonment for 2 years.

5A     Further information or documents about matters reported by reporting entities under AMLCTF Act

    (1)     This section applies if a reporting entity communicates information to the AUSTRAC CEO under section 41, 43 or 45 of the AMLCTF Act.

    (2)     A designated authority may give a written notice to the reporting entity requesting the reporting entity, within the period and in the way stated in the notice, to:

    (a)     give to the designated authority the further information as stated in the notice; or

    (b)     produce to the designated authority the documents about the matter to which the communication under section 41, 43 or 45 of the AMLCTF Act relates, as stated in the notice.

    (3)     The further information or documents must be information or documents that:

    (a)     may be relevant to the investigation of, or prosecution of a person for, an offence against a law of the Territory; or

    (b)     may be of assistance in the enforcement of the Criminal Property Forfeiture Act .

    (4)     The reporting entity must comply with the request to the extent that the reporting entity has the further information or documents.

Maximum penalty:     85 penalty units or imprisonment for 2 years.

6     Reports by cash dealers of suspect transactions not reported under FTR Act or AMLCTF Act

    (1)     This section applies if:

    (a)     a cash dealer is a party to a transaction; and

    (b)     the cash dealer has reasonable grounds to suspect that information that the cash dealer has concerning the transaction:

        (i)     may be relevant to the investigation of, or prosecution of a person for, an offence against the law of the Territory; or

        (ii)     may be of assistance in the enforcement of the Criminal Property Forfeiture Act ; and

    (c)     the cash dealer is not required to report the transaction under:

        (i)     Part II, Division 2 of the FTR Act; or

        (ii)     if the cash dealer is a reporting entity – Part 3, Division 2, 3 or 4 of the AMLCTF Act;

    and whether or not the cash dealer is required to report the transaction under Part II, Division 1 of the FTR Act.

    (2)     The cash dealer must, as soon as practicable after forming the suspicion mentioned in subsection (1)(b), prepare a report of the transaction and communicate the information contained in it to the AUSTRAC CEO.

Maximum penalty:     85 penalty units or imprisonment for 2 years.

    (3)     The report must:

    (a)     be in the form approved by the AUSTRAC CEO for the purposes of section 41 of the AMLCTF Act; and

    (b)     contain the reportable details of the transaction; and

    (c)     contain a statement of the grounds on which the cash dealer holds the suspicion mentioned in subsection (1)(b); and

    (d)     be signed by the cash dealer.

    (4)     The communication to the AUSTRAC CEO of the information contained in the report must be made:

    (a)     by giving the AUSTRAC CEO a copy of the report; or

    (b)     in another way approved by the AUSTRAC CEO.