{"id":"C2006A00170","name":"Anti-Money Laundering and Counter-Terrorism Financing (Transitional Provisions and Consequential Amendments) Act 2006","slug":"anti-money-laundering-and-counter-terrorism-financing-transitional-provisions-and-consequential-amen","collection":"act","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":"170 of 2006","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":7947,"registerId":"commonwealth-C2006A00170-current","compilationNumber":null,"startDate":"2026-03-30","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Short title","content":"#### 1 Short title\n\n This Act may be cited as the Anti‑Money Laundering and Counter‑Terrorism Financing (Transitional Provisions and Consequential Amendments) Act 2006.","sortOrder":0},{"sectionNumber":"2","sectionType":"section","heading":"Commencement","content":"#### 2 Commencement\n\n (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.\n\n```html\n

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.

12 December 2006

2. Schedule 1, item 1

At the same time as section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences.

13 December 2006

3. Schedule 1, items 2 to 11

Immediately after the commencement of section 2 of the Anti‑Terrorism Act (No. 2) 2005.

14 December 2005

4. Schedule 1, items 12 to 57

At the same time as section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences.

13 December 2006

5. Schedule 1, item 58

At the same time as section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences.

However, if that section commences before 14 December 2006, the provision(s) do not commence at all.

Does not commence

6. Schedule 1, items 59 to 78

At the same time as section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences.

13 December 2006

7. Schedule 1, item 79

At the same time as section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences.

However, if that section commences before 14 December 2006, the provision(s) do not commence at all.

Does not commence

8. Schedule 1, items 80 to 89

At the same time as section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences.

13 December 2006

9. Schedule 1, items 90 to 92

At the same time as section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences.

However, if that section commences before 14 December 2006, the provision(s) do not commence at all.

Do not commence

10. Schedule 1, items 93 to 112

At the same time as section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences.

13 December 2006

11. Schedule 1, item 113

At the same time as section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences.

However, if that section commences before 14 December 2006, the provision(s) do not commence at all.

Does not commence

12. Schedule 1, items 114 to 119

At the same time as section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences.

13 December 2006

13. Schedule 1, item 120

At the same time as section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences.

However, if that section commences before 14 December 2006, the provision(s) do not commence at all.

Does not commence

14. Schedule 1, item 121

At the same time as section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences.

13 December 2006

15. Schedule 1, item 122

At the same time as section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences.

However, if that section commences before 14 December 2006, the provision(s) do not commence at all.

Does not commence

16. Schedule 1, item 123

At the same time as section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences.

13 December 2006

17. Schedule 1, item 124

At the same time as section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences.

However, if that section commences before 14 December 2006, the provision(s) do not commence at all.

Does not commence

18. Schedule 1, items 125 to 128

At the same time as section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences.

13 December 2006

19. Schedule 1, items 129 and 130

At the same time as section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences.

However, if that section commences before 14 December 2006, the provision(s) do not commence at all.

Do not commence

20. Schedule 1, items 131 to 146

At the same time as section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences.

13 December 2006

21. Schedule 1, item 147

Immediately after the commencement of section 2 of the Financial Transaction Reports Amendment Act 2006.

9 November 2006

22. Schedule 1, items 148 to 150

At the same time as section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences.

13 December 2006

23. Schedule 1, item 151

The later of:

(a) at the same time as section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences; and

(b) immediately after the commencement of section 5 of the Law Enforcement Integrity Commissioner Act 2006.

30 December 2006

(paragraph (b) applies)

24. Schedule 1, items 152 to 165

At the same time as section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences.

13 December 2006

\n```\n\n> Note: This table relates only to the provisions of this Act as originally passed by both Houses of the Parliament and assented to. It will not be expanded to deal with provisions inserted in this Act after assent.\n\n (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.","sortOrder":1},{"sectionNumber":"3","sectionType":"section","heading":"Schedule(s)","content":"#### 3 Schedule(s)\n\n (1) Each Act, and each set of regulations, 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.\n (2) The amendment of any regulation under subsection (1) does not prevent the regulation, as so amended, from being amended or repealed by the Governor‑General.\n\n \n\nSchedule 1—Amendments\n\nPart 1—Amendments\n\nAdministrative Decisions (Judicial Review) Act 1977\n\n1 After paragraph (q) of Schedule 1\n\nInsert:\n\n (qa) decisions under the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006;\n\nAnti‑Terrorism Act (No. 2) 2005\n\n2 Subsection 2(1) (cell at table item 8, column 2)\n\nRepeal the cell, substitute:\n\n| 14 December 2006.However, if section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences before 14 December 2006, the provision(s) do not commence at all. |\n| ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n3 Subsection 2(1) (cell at table item 10, column 2)\n\nRepeal the cell, substitute:\n\n| 14 December 2006.However, if section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences before 14 December 2006, the provision(s) do not commence at all. |\n| ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n4 Subsection 2(1) (cell at table item 11, column 2)\n\nRepeal the cell, substitute:\n\n| 14 December 2006.However, if section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences before 14 December 2006, the provision(s) do not commence at all. |\n| ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n5 Subsection 2(1) (cell at table item 13, column 2)\n\nRepeal the cell, substitute:\n\n| 14 December 2006.However, if section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences before 14 December 2006, the provision(s) do not commence at all. |\n| ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n6 Subsection 2(1) (cell at table item 14, column 2)\n\nRepeal the cell, substitute:\n\n| 14 December 2006.However, if section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences before 14 December 2006, the provision(s) do not commence at all. |\n| ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n7 Subsection 2(1) (cell at table item 15, column 2)\n\nRepeal the cell, substitute:\n\n| 14 December 2006.However, if section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences before 14 December 2006, the provision(s) do not commence at all. |\n| ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n8 Subsection 2(1) (cell at table item 16, column 2)\n\nRepeal the cell, substitute:\n\n| 14 December 2006.However, if section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences before 14 December 2006, the provision(s) do not commence at all. |\n| ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n9 Subsection 2(1) (cell at table item 17, column 2)\n\nRepeal the cell, substitute:\n\n| 14 December 2006.However, if section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences before 14 December 2006, the provision(s) do not commence at all. |\n| ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n10 Subsection 2(1) (cell at table item 18, column 2)\n\nRepeal the cell, substitute:\n\n| 14 December 2006.However, if section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences before 14 December 2006, the provision(s) do not commence at all. |\n| ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n11 Subsection 2(1) (cell at table item 19, column 2)\n\nRepeal the cell, substitute:\n\n| 14 December 2006.However, if section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences before 14 December 2006, the provision(s) do not commence at all. |\n| ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\nAustralian Securities and Investments Commission Act 2001\n\n12 After section 243D\n\nInsert:","sortOrder":2},{"sectionNumber":"243E","sectionType":"section","heading":"Suspicious matters reports under the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006","content":"#### 243E Suspicious matters reports under the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006\n\n Section 123 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 does not prohibit a person from disclosing a fact or information referred to in that section:\n (a) to ASIC; or\n (b) to a market licensee; or\n (c) to a CS facility licensee; or\n (d) to an operator of a market exempted under section 791C of the Corporations Act; or\n (e) to an operator of a clearing and settlement facility exempted under section 820C of the Corporations Act; or\n (f) in accordance with conditions imposed on an Australian market licence under section 796A of the Corporations Act; or\n (g) in accordance with conditions imposed on an Australian CS facility licence under section 825A of the Corporations Act; or\n (h) in accordance with conditions on an exemption made under section 791C of the Corporations Act from the requirement to hold an Australian market licence; or\n (i) in accordance with conditions on an exemption made under section 820C of the Corporations Act from the requirement to hold an Australian CS facility licence; or\n (j) as prescribed by regulations made for the purposes of this paragraph.\n\nCommonwealth Electoral Act 1918\n\n13 Subsection 90B(4) (at the end of the table)\n\nAdd:\n\n| 6 | a prescribed person or organisation that:(a) is a reporting entity or an agent of a reporting entity; and(b) carries out applicable customer identification procedures under the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 | a copy of a Roll (or an extract of a Roll) | (a) on request by the person or organisation; and(b) on payment of the fee (if any) payable under subsection (9). |\n| --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------ | ----------------------------------------------------------------------------------------------------------------- |\n\n14 Subsection 90B(10)\n\nInsert:\n\n> applicable customer identification procedure has the same meaning as in the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006.\n\n15 Subsection 90B(10)\n\nInsert:\n\n> reporting entity has the same meaning as in the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006.\n\n16 After subsection 91A(2C)\n\nInsert:\n\n (2D) For information provided under item 6 of the table in subsection 90B(4), the only permitted purpose in relation to a prescribed person or organisation is for the person or organisation to carry out an applicable customer identification procedure under the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006.\n\n17 Subsection 91A(3)\n\nInsert:\n\n> applicable customer identification procedure has the same meaning as in the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006.\n\nCorporations Act 2001\n\n18 Paragraph 766B(3)(a)\n\nAfter “needs”, insert “(otherwise than for the purposes of compliance with the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 or with regulations, or AML/CTF Rules, under that Act)”.\n\nCrimes Act 1914\n\n19 Section 85ZL\n\nInsert:\n\n> AUSTRAC means the Australian Transaction Reports and Analysis Centre continued in existence by the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006.\n\n20 Paragraph 85ZZH(h)\n\nRepeal the paragraph, substitute:\n\n (h) AUSTRAC, for the purpose of assessing:\n (i) prospective members of the staff of AUSTRAC; or\n (ii) persons proposed to be engaged as consultants under subsection 225(1) of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006; or\n (iii) persons whose services are proposed to be made available to AUSTRAC under subsection 225(3) of that Act;\n\nCriminal Code Act 1995\n\n21 Subsection 400.1(1) of the Criminal Code\n\nInsert:\n\n> Australian Capital Territory indictable offence means an offence against a law of the Australian Capital Territory that may be dealt with as an indictable offence (even if it may, in some circumstances, be dealt with as a summary offence).\n\n22 Subsection 400.1(1) of the Criminal Code\n\nInsert:\n\n> banking transaction includes:\n\n (a) any transaction made at an ADI; and\n (b) any transaction involving a money order.\n\n23 Subsection 400.1(1) of the Criminal Code\n\nInsert:\n\n> Commonwealth indictable offence means an offence against a law of the Commonwealth, or a law of a Territory (other than the Australian Capital Territory and the Northern Territory), that may be dealt with as an indictable offence (even if it may, in some circumstances, be dealt with as a summary offence).\n\n24 Subsection 400.1(1) of the Criminal Code\n\nInsert:\n\n> export money or other property, from Australia, includes transfer money or other property from Australia by an electronic communication.\n\n25 Subsection 400.1(1) of the Criminal Code\n\nInsert:\n\n> foreign indictable offence means an offence against a law of a foreign country constituted by conduct that, if it had occurred in Australia, would have constituted an offence against:\n\n (a) a law of the Commonwealth; or\n (b) a law of a State or Territory connected with the offence;\n that may be dealt with as an indictable offence (even if it may, in some circumstances, be dealt with as a summary offence).\n\n> Note: See subsection (3) for when a law of a State or Territory is connected with the offence.\n\n26 Subsection 400.1(1) of the Criminal Code\n\nInsert:\n\n> import money or other property, into Australia, includes transfer money or other property to Australia by an electronic communication.\n\n27 Subsection 400.1(1) of the Criminal Code\n\nInsert:\n\n> Northern Territory indictable offence means an offence against a law of the Northern Territory that may be dealt with as an indictable offence (even if it may, in some circumstances, be dealt with as a summary offence).\n\n28 Subsection 400.1(1) of the Criminal Code\n\nInsert:\n\n> State indictable offence means an offence against a law of a State that may be dealt with as an indictable offence (even if it may, in some circumstances, be dealt with as a summary offence).\n\n29 At the end of section 400.1 of the Criminal Code\n\nAdd:\n\n (3) For the purposes of the definition of foreign indictable offence in subsection (1), a State or Territory is connected with the offence if:\n (a) a dealing in money or property takes place in the State or Territory; and\n (b) the money or property would be proceeds of crime, or could become an instrument of crime, in relation to the offence if the offence were a foreign indictable offence.\n\n30 Paragraph 400.2(1)(b) of the Criminal Code\n\nRepeal the paragraph, substitute:\n\n (b) the money or other property is proceeds of crime, or could become an instrument of crime, in relation to an offence that is:\n (i) a Commonwealth indictable offence; or\n (ii) a foreign indictable offence; or\n (iii) a State indictable offence; or\n (iv) an Australian Capital Territory indictable offence; or\n (v) a Northern Territory indictable offence.\n\n31 Subsections 400.2(3) and (4) of the Criminal Code\n\nRepeal the subsections, substitute:\n\n (3) Subparagraph (1)(b)(iii), in its application to a particular offence against this Division, has effect only to the extent to which it is a law with respect to external affairs (within the meaning of paragraph 51(xxix) of the Constitution).\n\n32 Paragraph 400.9(1)(b) of the Criminal Code\n\nOmit “either or both”, substitute “any”.\n\n33 After subparagraph 400.9(1)(b)(i) of the Criminal Code\n\nInsert:\n\n (ia) the money or property is proceeds of crime in relation to a State indictable offence;\n (ib) the money or property is proceeds of crime in relation to an Australian Capital Territory indictable offence or a Northern Territory indictable offence;\n\n34 After paragraph 400.9(2)(a) of the Criminal Code\n\nInsert:\n\n (aa) the conduct involves a number of transactions that are structured or arranged to avoid the reporting requirements of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 that would otherwise apply to the transactions; or\n\n35 After paragraph 400.9(2)(b) of the Criminal Code\n\nInsert:\n\n (ba) the conduct amounts to an offence against section 139, 140 or 141 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006; or\n\n36 After paragraph 400.9(2)(d) of the Criminal Code\n\nInsert:\n\n (da) the conduct involves a threshold transaction (within the meaning of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006) and the defendant:\n (i) has contravened the defendant’s obligations under that Act relating to reporting the transaction; or\n (ii) has given false or misleading information in purported compliance with those obligations; or\n\n37 At the end of section 400.9 of the Criminal Code\n\nAdd:\n\n (6) Subparagraph (1)(b)(ia), in its application to an offence against subsection (1), has effect only to the extent to which it is a law with respect to external affairs (within the meaning of paragraph 51 (xxix) of the Constitution).\n\n38 At the end of section 400.11 of the Criminal Code\n\nAdd:\n\n ; (e) whether an offence is a State indictable offence;\n (f) whether an offence is an Australian Capital Territory indictable offence;\n (g) whether an offence is a Northern Territory indictable offence.\n\nFinancial Management and Accountability Regulations 1997\n\n39 Part 1 of Schedule 1 (table item 104)\n\nRepeal the item, substitute:\n\n| 104 | Australian Transaction Reports and Analysis Centre (AUSTRAC), comprising:(a) the Chief Executive Officer of AUSTRAC; and(b) the staff mentioned in section 224 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006; and(c) consultants engaged under subsection 225(1) of that Act; and(d) the persons whose services are made available to the Chief Executive Officer of AUSTRAC under subsection 225(3) of that Act.See Note B | Chief Executive Officer |\n| --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------- |\n\nFinancial Transaction Reports Act 1988\n\n40 Title\n\nOmit “, to establish an Australian Transaction Reports and Analysis Centre”.\n\n41 Subsection 3(1) (definition of approved)\n\nOmit “Director”, substitute “AUSTRAC CEO”.\n\n42 Subsection 3(1) (definition of approved cash carrier)\n\nOmit “Director”, substitute “AUSTRAC CEO”.\n\n44 Subsection 3(1) (definition of AUSTRAC)\n\nRepeal the definition, substitute:\n\n> AUSTRAC means the Australian Transaction Reports and Analysis Centre continued in existence by the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006.\n\n45 Subsection 3(1)\n\nInsert:\n\n> AUSTRAC CEO means the Chief Executive Officer of AUSTRAC.\n\n46 Subsection 3(1) (definition of Centrelink officer)\n\nRepeal the definition.\n\n47 Subsection 3(1) (definition of Child Support Agency)\n\nRepeal the definition.\n\n48 Subsection 3(1)\n\nInsert:\n\n> commence to provide a designated service has the same meaning as in the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006.\n\n49 Subsection 3(1) (definition of CSA officer)\n\nRepeal the definition.\n\n50 Subsection 3(1)\n\nInsert:\n\n> designated service has the same meaning as in the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006.\n\n51 Subsection 3(1)\n\nInsert:\n\n> designated service transaction: if:\n\n (a) a reporting entity provides, or commences to provide, a designated service to a customer (within the meaning of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006); and\n (b) the provision of the service involves a transaction;\n the transaction is a designated service transaction.\n\n52 Subsection 3(1) (definition of Director)\n\nRepeal the definition.\n\n53 Subsection 3(1) (definition of FTR information)\n\nOmit “Director”, substitute “AUSTRAC CEO”.\n\n54 Subsection 3(1) (definition of Inter‑Governmental Committee)\n\nRepeal the definition.\n\n55 Subsection 3(1) (definition of member of the staff of the Police Integrity Commission)\n\nRepeal the definition.\n\n56 Subsection 3(1) (at the end of the definition of non‑reportable cash transaction)\n\nAdd:\n\n ; and (c) that is not a designated service transaction.\n\n57 Subsection 3(1) (definition of Police Integrity Commission)\n\nRepeal the definition.\n\n58 Subsection 3(1) (definition of prescribed particulars)\n\nRepeal the definition.\n\n59 Subsection 3(1)\n\nInsert:\n\n> reporting entity has the same meaning as in the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006.\n\n60 Subsection 3(1) (definition of Royal Commission)\n\nRepeal the definition.\n\n61 Subsection 3(1) (definition of Royal Commission into the New South Wales Police Service)\n\nRepeal the definition.\n\n62 Paragraph 7(1)(b)\n\nOmit “Director”, substitute “AUSTRAC CEO”.\n\n63 At the end of subsection 7(1)\n\nAdd:\n\n ; or (f) all of the following conditions are satisfied:\n (i) the cash dealer is a reporting entity;\n (ii) the transaction occurred after the commencement of Division 1 of Part 2 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006;\n (iii) the transaction is a designated service transaction.\n\n64 Subsections 7(2) and (3)\n\nOmit “Director” (wherever occurring), substitute “AUSTRAC CEO”.\n\n65 Subsection 8(1)\n\nOmit “Director” (wherever occurring), substitute “AUSTRAC CEO”.\n\n66 Subsections 8A(1), (2), (4), (5) and (7)\n\nOmit “Director” (wherever occurring), substitute “AUSTRAC CEO”.\n\n67 Subsection 9(2)\n\nOmit “Director”, substitute “AUSTRAC CEO”.\n\n68 After subsection 11(2)\n\nInsert:\n\n (2A) Despite subsections (1) and (2), a financial institution must not enter a designated service transaction, or a class of designated service transactions, in its exemption register after the commencement of Division 1 of Part 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006.\n\n69 Subsections 11(3) and (4)\n\nOmit “Director”, substitute “AUSTRAC CEO”.\n\n70 Subsections 13(1), (2), (5) and (6)\n\nOmit “Director” (wherever occurring), substitute “AUSTRAC CEO”.\n\nNote: The heading to section 13 is altered by omitting “Director” and substituting “AUSTRAC CEO”.\n\n71 After subsection 15(1A)\n\nInsert:\n\n (1B) Subsection (1) does not apply if the transfer occurred after the commencement of Division 1 of Part 4 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006.\n\n> Note: A defendant bears an evidential burden in relation to the matter in subsection (1B) (see subsection 13.3(3) of the Criminal Code).\n\n72 After subsection 15(5A)\n\nInsert:\n\n (5B) Subsection (5) does not apply if the currency was transferred after the commencement of Division 1 of Part 4 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006.\n\n> Note: A defendant bears an evidential burden in relation to the matter in subsection (5B) (see subsection 13.3(3) of the Criminal Code).\n\n73 Subparagraph 15(7)(d)(ii)\n\nOmit “Director”, substitute “AUSTRAC CEO”.\n\n74 Subsection 15(8)\n\nOmit “Director”, substitute “AUSTRAC CEO”.\n\n75 Subsection 15A(1)\n\nOmit “If a”, substitute “Subject to subsection (3A), if a”.\n\n76 Paragraph 15A(1)(b)\n\nOmit “Director”, substitute “AUSTRAC CEO”.\n\n77 Subsection 15A(3)\n\nOmit “Director” (wherever occurring), substitute “AUSTRAC CEO”.\n\n78 After subsection 15A(3)\n\nInsert:\n\n (3A) Subsection (1) does not impose any obligations on a solicitor, a solicitor corporation, or a partnership of solicitors, in relation to a transaction if:\n (a) the solicitor, corporation or partnership is a reporting entity; and\n (b) the transaction occurred after the commencement of Division 1 of Part 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006; and\n (c) the transaction is a designated service transaction.\n\n79 Subsections 15AA(1) and (5)\n\nOmit “Director”, substitute “AUSTRAC CEO”.\n\n80 Subsection 16(1)\n\nOmit “Where”, substitute “Subject to subsection (4A), where”.\n\n81 Paragraph 16(1)(d)\n\nOmit “Director”, substitute “AUSTRAC CEO”.\n\n82 Subsection 16(1A)\n\nOmit “Where”, substitute “Subject to subsection (4A), where”.\n\n83 Paragraph 16(1A)(d)\n\nOmit “Director”, substitute “AUSTRAC CEO”.\n\n84 Subsections 16(3) and (4)\n\nOmit “Director” (wherever occurring), substitute “AUSTRAC CEO”.\n\n85 After subsection 16(4)\n\nInsert:\n\n (4A) Subsections (1) and (1A) do not impose any obligations on a cash dealer in relation to a transaction if:\n (a) the cash dealer is a reporting entity; and\n (b) the transaction occurs after the commencement of Division 1 of Part 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006; and\n (c) the transaction is a designated service transaction.\n\n86 Subsection 16(5A)\n\nOmit “Director” (wherever occurring), substitute “AUSTRAC CEO”.\n\n87 Subparagraph 16(5D)(b)(ii)\n\nOmit “Director”, substitute “AUSTRAC CEO”.\n\n88 Paragraph 17B(1)(a)\n\nBefore “a cash dealer”, insert “before the commencement of Division 1 of Part 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006,”.\n\n89 Subsections 17B(3) and (4)\n\nOmit “Director”, substitute “AUSTRAC CEO”.\n\n90 Paragraph 17FA(1)(a)\n\nBefore “an ADI”, insert “before the commencement of Division 1 of Part 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006,”.\n\n91 Paragraph 17FB(1)(a)\n\nBefore “an ADI”, insert “before the commencement of Division 1 of Part 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006,”.\n\n92 Subsections 17FB(2) and (4)\n\nOmit “Director” (wherever occurring), substitute “AUSTRAC CEO”.\n\n93 Subsection 18(1)\n\nOmit “This section applies”, substitute “Subject to subsections (1A) and (1B), this section applies”.\n\n94 After subsection 18(1)\n\nInsert:\n\n (1A) Subparagraphs (1)(a)(i) and (b)(i) do not apply if the account is opened after the commencement of Division 1 of Part 2 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 in circumstances that amount to the provision of a designated service.\n (1B) Subparagraphs (1)(a)(ii) and (b)(ii) do not apply if:\n (a) the person becomes a signatory of the account after the commencement of Division 1 of Part 2 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006; and\n (b) either:\n (i) the account is opened after the commencement of Division 1 of Part 2 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 in circumstances that amount to the provision of a designated service; or\n (ii) the account was opened before the commencement of that Division in circumstances that would have amounted to the provision of a designated service if all the provisions of Parts 1 and 2 of that Act had been in force at the relevant time.\n\n95 Subsections 18(2), (2A), (8) and (8A)\n\nOmit “Director”, substitute “AUSTRAC CEO”.\n\n96 Subsections 19(1), (2), (3) and (4)\n\nOmit “Director” (wherever occurring), substitute “AUSTRAC CEO”.\n\n97 Subsection 19(5)\n\nOmit “Director’s”, substitute “AUSTRAC CEO’s”.\n\n98 Paragraphs 20(1)(a) and (b)\n\nAfter “cash dealer”, insert “for the purposes of compliance with this Part”.\n\n99 Subparagraph 20A(1)(b)(ii)\n\nOmit “Director”, substitute “AUSTRAC CEO”.\n\n100 Subsection 21A(1)\n\nOmit “This section applies”, substitute “Subject to subsections (1A) and (1B), this section applies”.\n\n101 After subsection 21A(1)\n\nInsert:\n\n (1A) This section does not apply to an individual who wishes to open an account if the account is opened after the commencement of Division 1 of Part 2 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 in circumstances that amount to the provision of a designated service.\n (1B) This section does not apply to an individual who wishes to become a signatory to an account with an identifying cash dealer in a name by which the individual intends to be commonly known if:\n (a) the individual wishes to become a signatory to the account in that name after the commencement of Division 1 of Part 2 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006; and\n (b) either:\n (i) the account is opened after the commencement of Division 1 of Part 2 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 in circumstances that amount to the provision of a designated service; or\n (ii) the account was opened before the commencement of that Division in circumstances that would have amounted to the provision of a designated service if all the provisions of Parts 1 and 2 of that Act had been in force at the relevant time.\n\n102 Subsection 22(1)\n\nAfter “given to a cash dealer”, insert “for the purposes of compliance with this Part”.\n\n103 Subsection 22(1)\n\nOmit “Director”, substitute “AUSTRAC CEO”.\n\nNote: The heading to section 22 is altered by omitting “Director” and substituting “AUSTRAC CEO”.\n\n104 Subsection 23(1)\n\nAfter “signatory information”, insert “for the purpose of compliance with this Part”.\n\n105 Subparagraph 23A(6)(c)(ii)\n\nOmit “Director”, substitute “AUSTRAC CEO”.\n\n106 Subparagraph 23B(5)(c)(ii)\n\nOmit “Director”, substitute “AUSTRAC CEO”.\n\n107 Subsection 24(5)\n\nOmit “Director” (wherever occurring), substitute “AUSTRAC CEO”.\n\n108 At the end of section 24\n\nAdd:\n\n (9) This section does not apply in relation to the opening of an account if the account is opened after the commencement of Division 1 of Part 2 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 in circumstances that amount to the provision of a designated service.\n (10) This section does not apply in relation to the operation of an account after the commencement of Division 1 of Part 2 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 if:\n (a) the account was opened in circumstances that amount to the provision of a designated service; or\n (b) allowing a transaction in relation to the account would amount to the provision of a designated service.\n\n109 Section 24B\n\nOmit “Director”, substitute “AUSTRAC CEO”.\n\n110 Subsection 24C(1)\n\nAfter “must not”, insert “, before the commencement of Division 1 of Part 2 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006,”.\n\n111 Paragraph 24C(2)(b)\n\nOmit “Director”, substitute “AUSTRAC CEO”.\n\n112 Subsection 24D(1)\n\nAfter “bullion transaction”, insert “that occurred before the commencement of Division 1 of Part 2 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006”.\n\n113 Part IIIB\n\nRepeal the Part.\n\n114 Part IV\n\nRepeal the Part.\n\n115 Section 27A\n\nOmit “Director”, substitute “AUSTRAC CEO”.\n\n116 Subsections 27B(1) and (2)\n\nOmit “Director” (wherever occurring), substitute “AUSTRAC CEO”.\n\n117 Subparagraph 27C(2)(d)(ii)\n\nOmit “Director”, substitute “AUSTRAC CEO”.\n\n118 Subparagraph 27D(2)(d)(ii)\n\nOmit “Director”, substitute “AUSTRAC CEO”.\n\n119 Subsection 27E(1)\n\nOmit “Director”, substitute “AUSTRAC CEO”.\n\n120 Paragraph 28(1)(a)\n\nOmit “Director”, substitute “AUSTRAC CEO”.\n\n121 Paragraph 28(3)(a)\n\nOmit “Director”, substitute “AUSTRAC CEO”.\n\n122 Subsection 29(1)\n\nOmit “Director”, substitute “AUSTRAC CEO”.\n\n123 Subsection 29(2A)\n\nOmit “Director”, substitute “AUSTRAC CEO”.\n\n124 Subsection 30(1)\n\nOmit “Director”, substitute “AUSTRAC CEO”.\n\n125 Subsection 30(3)\n\nOmit “Director”, substitute “AUSTRAC CEO”.\n\n126 Subsection 32(1)\n\nOmit “Director”, substitute “AUSTRAC CEO”.\n\n127 Subsection 33(1)\n\nAfter “leave Australia”, insert “before the commencement of Division 1 of Part 4 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006”.\n\n128 Subsection 33(2)\n\nAfter “arrives in Australia”, insert “before the commencement of Division 1 of Part 4 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006”.\n\n129 Subsection 33AA(1)\n\nAfter “leave Australia”, insert “before the commencement of Division 1 of Part 4 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006”.\n\n130 Subsection 33AA(2)\n\nAfter “arrives in Australia”, insert “before the commencement of Division 1 of Part 4 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006”.\n\n131 Sections 35, 36, 36A, 36B and 37\n\nRepeal the sections.\n\n132 Subsection 38(1)\n\nOmit “Director are” substitute “AUSTRAC CEO include”.\n\nNote: The heading to section 38 is altered by omitting “Director” and substituting “AUSTRAC CEO”.\n\n133 Paragraphs 38(1)(a) and (ab)\n\nRepeal the paragraphs.\n\n134 At the end of paragraphs 38(1)(b) and (c)\n\nAdd “and”.\n\n135 Subsection 38(2)\n\nOmit “Director’s functions, the Director shall”, substitute “AUSTRAC CEO’s functions under this Act, the AUSTRAC CEO must”.\n\n136 Paragraph 38(2)(a)\n\nOmit “Director’s functions”, substitute “AUSTRAC CEO’s functions under this Act”.\n\n137 Subsection 38(3)\n\nOmit “Director’s functions, the Director shall”, substitute “AUSTRAC CEO’s functions under this Act, the AUSTRAC CEO must”.\n\n138 Paragraph 38(3)(a)\n\nOmit “Director”, substitute “AUSTRAC CEO”.\n\n139 Paragraph 38(3)(d)\n\nOmit “Director’s functions”, substitute “AUSTRAC CEO’s functions under this Act”.\n\n140 Subsection 38(4)\n\nOmit “Director’s functions, the Director shall”, substitute “AUSTRAC CEO’s functions under this Act, the AUSTRAC CEO must”.\n\n141 At the end of section 38\n\nAdd:\n\n (5) Any failure to comply with the requirements of subsection (2) in relation to the performance of a function of the AUSTRAC CEO does not affect the validity of the performance of the function.\n\n142 Sections 39, 40, 40A and 40B\n\nRepeal the sections.\n\n143 Section 40C (definition of financial transaction document)\n\nAfter “carried out”, insert “, before the commencement of Division 1 of Part 2 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006,”.\n\n144 Section 40D (paragraph (a) of the definition of customer‑generated financial transaction document)\n\nAfter “following financial transactions”, insert “carried out before the commencement of Division 1 of Part 2 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006”.\n\n145 Section 42\n\nOmit “Director”, substitute “AUSTRAC CEO”.\n\n146 Schedule 1\n\nOmit “Director” (wherever occurring), substitute “AUSTRAC CEO”.\n\nFinancial Transaction Reports Amendment Act 2006\n\n147 Subsection 2(1) (cell at table item 2, column 2)\n\nRepeal the cell, substitute:\n\n| Immediately after the commencement of item 10 of Schedule 9 to the Anti‑Terrorism Act (No. 2) 2005.However, if section 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 commences before 14 December 2006, the provision(s) do not commence at all. |\n| -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\nFreedom of Information Act 1982\n\n148 Division 1 of Part II of Schedule 2 (at the end of the item dealing with the Australian Transaction Reports and Analysis Centre)\n\nAdd “or section 41 or 49 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006”.\n\nInspector‑General of Intelligence and Security Act 1986\n\n149 Subsection 22(3)\n\nRepeal the subsection, substitute:\n\n (3) If the report includes:\n (a) information that was acquired by the Commissioner of Taxation under the provisions of a tax law (within the meaning of section 3E of the Taxation Administration Act 1953); or\n (b) AUSTRAC information (within the meaning of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006);\n the Inspector‑General must prepare another version of the report that does not disclose the information referred to in paragraph (a) or (b).\n\n> Note: Section 3EC of the Taxation Administration Act 1953 permits the Inspector‑General to disclose paragraph (a) information to the Director‑General of Security in the report under subsection (1).\n\n150 Section 25A (note)\n\nOmit all the words after “tax information”, substitute “, financial transaction reports information or AUSTRAC information as permitted under section 3EC of the Taxation Administration Act 1953 or section 128 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006.”.\n\nLaw Enforcement Integrity Commissioner Act 2006\n\n151 Subsection 5(1) (paragraph (a) of the definition of law enforcement secrecy provision)\n\nRepeal the paragraph, substitute:\n\n (a) Part 11 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006; or\n\nPrivacy Act 1988\n\n152 Before subsection 6E(1)\n\nInsert:\n\n Small business operator that is a reporting entity\n (1A) If a small business operator is a reporting entity (within the meaning of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006) because of anything done in the course of a small business carried on by the small business operator, this Act applies, with the prescribed modifications (if any), in relation to the activities carried on by the small business operator for the purpose of compliance with:\n (a) the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006; or\n (b) regulations or AML/CTF Rules under that Act;\n as if the small business operator were an organisation.\n\n> Note: The regulations may prescribe different modifications of the Act for different small business operators. See subsection 33(3A) of the Acts Interpretation Act 1901.\n\nProceeds of Crime Act 2002\n\n153 Subsection 29(3)\n\nAfter “Financial Transaction Reports Act 1988”, insert “or section 53, 59, 136, 137, 139, 140, 141, 142 or 143 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006”.\n\n154 Paragraph 223(4)(b)\n\nOmit “Director” (wherever occurring), substitute “Chief Executive Officer”.\n\n155 At the end of Part 6‑1\n\nAdd:","sortOrder":3},{"sectionNumber":"337B","sectionType":"section","heading":"Definition of serious offence—valuation rules","content":"#### 337B Definition of serious offence—valuation rules\n\n In determining the value of a transaction or transactions for the purposes of paragraph (ea), (eb) or (ec) of the definition of serious offence in section 338 of this Act, apply the following provisions of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006:\n (a) the definition of value in section 5;\n (b) section 18;\n (c) section 19.\n\n156 Section 338 (definition of AUSTRAC)\n\nRepeal the definition, substitute:\n\n> AUSTRAC means the Australian Transaction Reports and Analysis Centre continued in existence by the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006.\n\n157 Section 338 (after paragraph (e) of the definition of serious offence)\n\nInsert:\n\n (ea) an offence against any of the following sections of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 involving a transaction of at least $50,000 in value:\n (i) section 53 (reports about movements of physical currency into or out of Australia);\n (ii) section 59 (reports about movements of bearer negotiable instruments into or out of Australia);\n (iii) section 136 (false or misleading information);\n (iv) section 137 (false or misleading documents); or\n (eb) an offence against any of the following sections of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006:\n (i) section 139 (providing a designated service using a false customer name or customer anonymity);\n (ii) section 140 (receiving a designated service using a false customer name or customer anonymity);\n (iii) section 141 (non‑disclosure of other name by which customer is commonly known);\n if:\n (iv) the customer concerned had an account in relation to the provision of the designated service concerned; and\n (v) transactions on the account total at least $50,000 in value during any 6 month period beginning after the commencement of Part 12 of that Act; or\n (ec) an offence against either of the following sections of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006:\n (i) section 142 (conducting transactions so as to avoid reporting requirements relating to threshold transactions);\n (ii) section 143 (conducting transfers so as to avoid reporting requirements relating to cross‑border movements of physical currency);\n if transactions in breach of that section by the person committing the offence total at least $50,000 in value during any 6 month period; or\n\nSurveillance Devices Act 2004\n\n158 Subsection 6(1) (after paragraph (c) of the definition of relevant offence)\n\nInsert:\n\n (ca) an offence against section 34, 53, 59, 139 or 140 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006; or\n\n \n\nPart 2—Transitional provisions\n\n159 Instrument of appointment—AUSTRAC CEO\n\n(1) This item applies to an instrument of appointment that:\n\n (a) was in force immediately before the commencement of this item; and\n (b) was made under subsection 36(1) of the Financial Transaction Reports Act 1988.\n\n(2) If the person who held office as Director of AUSTRAC immediately before the commencement of this item remains in office as the AUSTRAC CEO after the commencement of this item, the instrument has effect, after the commencement of this item, as if:\n\n (a) it had been made under subsection 214(1) of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006; and\n (b) a reference in the instrument to the Director of AUSTRAC were a reference to the AUSTRAC CEO.\n\n(3) This item does not limit section 25B of the Acts Interpretation Act 1901.\n\n160 Terms and conditions of appointment—AUSTRAC CEO\n\n(1) This item applies to an instrument that:\n\n (a) was in force immediately before the commencement of this item; and\n (b) was made under subsection 36(2) of the Financial Transaction Reports Act 1988.\n\n(2) If the person who held office as Director of AUSTRAC immediately before the commencement of this item remains in office as the AUSTRAC CEO after the commencement of this item, the instrument (to the extent to which it deals with matters not covered by the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006) has effect, after the commencement of this item, as if:\n\n (a) it had been made under section 220 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006; and\n (b) a reference in the instrument to the Director of AUSTRAC were a reference to the AUSTRAC CEO.\n\n(3) This item does not limit section 25B of the Acts Interpretation Act 1901.\n\n161 Acting appointments\n\n(1) This item applies to an instrument of appointment that:\n\n (a) was in force immediately before the commencement of this item; and\n (b) was made under subsection 37(1) of the Financial Transaction Reports Act 1988.\n\n(2) The instrument has effect, after the commencement of this item, as if:\n\n (a) it had been made under subsection 221(1) of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006; and\n (b) a reference in the instrument to the Director of AUSTRAC were a reference to the AUSTRAC CEO.\n\n(3) This item does not limit section 25B of the Acts Interpretation Act 1901.\n\n162 Leave—AUSTRAC CEO\n\n(1) This item applies to an instrument that:\n\n (a) was in force immediately before the commencement of this item; and\n (b) was made under subsection 36B(2) of the Financial Transaction Reports Act 1988.\n\n(2) If the person who held office as Director of AUSTRAC immediately before the commencement of this item remains in office as the AUSTRAC CEO after the commencement of this item, the instrument has effect, after the commencement of this item, as if:\n\n (a) it had been made under subsection 216(2) of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006; and\n (b) a reference in the instrument to the Director of AUSTRAC were a reference to the AUSTRAC CEO.\n\n(3) This item does not limit section 25B of the Acts Interpretation Act 1901.\n\n163 Delegations\n\n(1) This item applies to an instrument of delegation that:\n\n (a) was in force immediately before the commencement of this item; and\n (b) was made under section 39 of the Financial Transaction Reports Act 1988.\n\n(2) The instrument has effect, after the commencement of this item, as if:\n\n (a) it had been made under subsection 222(1) of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006; and\n (b) a reference in the instrument to the Director of AUSTRAC were a reference to the AUSTRAC CEO.\n\n(3) This item does not limit section 25B of the Acts Interpretation Act 1901.\n\n164 Consultants\n\n(1) This item applies to an agreement or determination that:\n\n (a) was in force immediately before the commencement of this item; and\n (b) was made under subsection 40A(1) or (2) of the Financial Transaction Reports Act 1988.\n\n(2) The agreement or determination has effect, after the commencement of this item, as if:\n\n (a) it had been made under subsection 225(1) or (2), as the case requires, of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006; and\n (b) a reference in the agreement or determination to the Director of AUSTRAC were a reference to the AUSTRAC CEO.\n\n(3) This item does not limit section 25B of the Acts Interpretation Act 1901.\n\n165 Transitional regulations\n\nThe Governor‑General may make regulations prescribing matters of a transitional nature relating to:\n\n (a) the amendments made by this Act; or\n (b) the enactment of this Act or the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006.","sortOrder":4}],"analysis":{"flash_summary":{"complexity_score":8,"scope_assessment":{"changed":true,"description":"The Act does more than housekeeping: it extends the reach of multiple Commonwealth laws to incorporate the AML/CTF Act’s definitions, reporting offences and powers. Concretely, it (a) imports AML/CTF definitions into other laws (e.g. 'reporting entity', 'designated service') and aligns commencement timing (Schedule 1, many items); (b) recasts AUSTRAC’s administration by replacing the prior Director role with the AUSTRAC CEO and carrying forward appointments and delegations (see Financial Transaction Reports Act amendments and transitional items 159–164); and (c) expands criminal and asset‑forfeiture coverage to include certain AML/CTF breaches and sets monetary thresholds for 'serious offence' treatment (Criminal Code items 21–38; Proceeds of Crime Act items 153–157). Those changes broaden the functional scope of existing Acts to operate around the AML/CTF regime rather than leaving prior regimes intact."},"complexity_factors":["Large number of consequential amendments across many principal Acts and regulations (see Schedule 1 overall)","Extensive cross‑referencing to specific sections, divisions and concepts in the AML/CTF Act (e.g. definitions like 'reporting entity', 'designated service', 'applicable customer identification procedure')","Conditional and staggered commencement provisions in the detailed commencement table (section 2) that create temporal dependencies","Substantial substitution of institutional references (Director -> AUSTRAC CEO) spread across a long statute, requiring coordinated administrative changes (many Financial Transaction Reports Act items)","Insertion of new criminal definitions and connections into the Criminal Code and Proceeds of Crime Act that change predicate offence definitions and monetary thresholds (items 21–38, 153–157)","Transitional provisions preserving existing instruments, appointments and delegations but recasting them under the new Act (items 159–164), which adds legal continuity complexity","Specific carve‑outs and exemptions that change when older rules apply versus when AML/CTF rules apply (e.g. multiple 'does not apply' clauses in FTR Act amendments)","Interacting privacy, electoral, supervisory and law‑enforcement provisions (items 12, 13–16, 149–150, 152) requiring coordination across administrative agencies"],"plain_english_summary":"# What this Act does\n\n- Mechanically, the Act makes transitional arrangements and a wide set of consequential amendments to other Commonwealth laws so that the new Anti‑Money Laundering and Counter‑Terrorism Financing (AML/CTF) framework can operate. The Act sets exact commencement timings (see section 2) and amends many Acts and regulations as listed in Schedule 1 (see section 3 and Schedule 1).\n\n- Major categories of change:\n - fixes to start‑up and commencement timing for parts of the new AML/CTF regime (section 2 table); some commencements are conditional (they do not start if a listed section of the AML/CTF Act starts before a specified date).\n - replacements of institutional references and administrative continuity measures (for example, replacing references to the former AUSTRAC Director with the AUSTRAC CEO throughout the Financial Transaction Reports Act and related instruments; see many Schedule 1 items under the Financial Transaction Reports Act—e.g. items 41–46 and many subsequent substitutions).\n - insertion of cross‑references and definitional alignments so other Acts use the AML/CTF Act meanings (for example, definitions and terms such as \"reporting entity\", \"designated service\", and \"applicable customer identification procedure\" are imported into the Commonwealth Electoral Act, the Financial Transaction Reports Act, the Privacy Act and others—see Schedule 1 items 13–16, 48–51, 59, 152).\n - expansion or adjustment of criminal and enforcement coverage to reflect AML/CTF offences and reporting obligations (the Criminal Code is amended with new definitions and with references to AML/CTF reporting/avoidance conduct; see Schedule 1 items 21–38; Proceeds of Crime Act is amended to treat certain AML/CTF offences as \"serious offences\" for valuation and restraint/forfeiture purposes—see items 153–157).\n - limited information‑sharing and handling rules: the ASIC Act is amended to permit disclosure of suspicious‑matter information to certain market regulators and licensees (item 12, new section 243E); the Inspector‑General and other oversight provisions are adjusted to protect AUSTRAC or tax information in reports (items 149–150).\n - transitional staffing and instrument continuity: existing appointment, delegation, leave and consultant arrangements under the old FTR Act are carried over to operate as appointments, delegations and consultant arrangements under the new AML/CTF Act where the same persons remain in office (Schedule 1, Part 2, items 159–164).\n - an express power for the Governor‑General to make transitional regulations to cover practical matters arising from these amendments (item 165).\n\nWho is affected and who pays\n\n- Reporting entities (banks/ADIs, cash dealers, some solicitors, other businesses captured as \"reporting entities\") are the primary private parties affected because the Act aligns other laws to the AML/CTF definitions and shifts certain obligations and exemptions to the AML/CTF regime (see the many Financial Transaction Reports Act amendments, e.g. items 68, 78, 85, 108; and the definition insertions at items 48–51, 59). These entities will incur compliance costs to follow the AML/CTF rules and to use new customer‑identification processes (see items 13–16, item 152).\n\n- AUSTRAC (recast administratively as the AUSTRAC CEO and staff under the AML/CTF Act) is the central body that takes on administrative responsibilities and reporting oversight across amended statutes (see the recurrent substitution of the AUSTRAC CEO for the former Director in the Financial Transaction Reports Act—many items under that heading—and the definition insertions at items 44–45).\n\n- Commonwealth agencies and market regulators (ASIC, market licensees, CS facility licensees) are given explicit rights or clarity to receive suspicious‑matter disclosures that otherwise would be constrained (see new ASIC Act s243E at item 12).\n\n- Small business operators who become reporting entities for AML/CTF reasons are brought within the Privacy Act regime (with prescribed modifications) for the narrow purpose of complying with AML/CTF obligations — that imposes legal duties and compliance procedures on such small businesses (item 152).\n\nWhy it matters (official purpose and practical implications)\n\n- Officially, the Act is a package of transitional and consequential amendments to ensure the new AML/CTF Act and AUSTRAC operate without gaps across existing Commonwealth laws. That official purpose is visible in the structure: commencement rules (section 2), Schedule 1 amendments to many Acts, and transitional continuity for appointments and instruments (Schedule 1, Part 2, items 159–164).\n\n- Testing that purpose against visible trade‑offs and implementation mechanics:\n - Compliance burden: the Act moves a number of specific obligations and exemptions from older financial transaction reporting rules into the AML/CTF framework and makes them conditional on AML/CTF commencement (see Financial Transaction Reports Act amendments at items 68, 78, 85, 108). That concentrates day‑to‑day compliance for reporting entities under the AML/CTF rules, which creates upfront and ongoing compliance costs for those entities (affected parties cited throughout Schedule 1). The Privacy Act change (item 152) explicitly brings small business operators into more formalised obligations when they are reporting entities.\n - Administrative discretion and decisions: many substitutions to empower or re‑label the AUSTRAC CEO (instead of the previous Director) consolidate decision‑making in the new statutory structure (see numerous substitutions in the Financial Transaction Reports Act items and the transitional items 159–164). That centralises who decides on exemptions, delegations and consultations under the new Act.\n - Legal‑enforcement scope: Criminal Code and Proceeds of Crime Act amendments add AML/CTF offences and conduct (including structuring to avoid reporting requirements and false documents) to predicate or connected offences for money‑laundering and proceeds‑of‑crime measures, and set monetary thresholds for when AML/CTF offences count as \"serious\" (see items 34–37 and items 155–157). This extends the criminal and asset‑forfeiture reach to cover a set of AML/CTF breaches, which changes the legal stakes for certain conduct.\n - Implementation risk (timing and complexity): commencement is staggered and conditional across many items (see section 2 table and repeated conditional language in Schedule 1 items), creating operational complexity for businesses and agencies about when particular duties and exemptions actually apply.\n - Interaction with other laws and service providers: the Electoral Act amendments permit specified reporting entities to obtain electoral roll copies to perform customer identification procedures (items 13–16), which changes the practical means by which reporting entities verify identity and creates a new channel for obtaining personal data for an AML purpose.\n\nConcrete mechanisms for behaviour change\n\n- Reporting entities must adopt the AML/CTF Act’s customer identification and reporting regime for transactions designated in that Act (see the cross‑references and definitions inserted into the Financial Transaction Reports Act: items 48–51, 59; and the Electoral Act amendments allowing roll access for identification purposes: items 13–16).\n\n- AUSTRAC (through its CEO and staff) administers the new regime and replacements of functions formerly under the FTR Director are made to the AUSTRAC CEO (see many substitutions in the Financial Transaction Reports Act and items 159–164 for appointments/delegations continuity).\n\n- Criminal prosecutors and asset‑forfeiture authorities can use AML/CTF offences as bases for money‑laundering and serious‑offence treatments where the statutory thresholds are met (see Criminal Code amendments items 21–38 and Proceeds of Crime Act amendments items 153–157).\n\nKey implementation and compliance friction points (source‑grounded)\n\n- Multiple conditional commencements (section 2 and repeated conditional notes in Schedule 1) increase the risk that stakeholders misread when obligations start.\n- Many scattered edits across many Acts create administrative housekeeping requirements for regulators and regulated entities (see the broad list of amended Acts in Schedule 1).\n- The Privacy Act insertion (item 152) treats small business reporting entities as organisations for specified AML compliance, which requires rule‑makers to prescribe modifications and will impose compliance steps on smaller operators.\n- Continuity provisions (items 159–164) preserve existing appointments and delegations by treating them as if made under the new Act when the incumbent remains, which reduces immediate administrative reappointment costs but requires recordkeeping and legal alignment.\n\nSources in this Act: section 2 (commencement table), section 3 (Schedules), Schedule 1 (all listed amendments and Part 2 transitional measures, especially items 12 (ASIC disclosure), 13–16 (Electoral Act), 21–38 (Criminal Code), 44–46 and many others (AUSTRAC definitions and the FTR Act substitutions), 152 (Privacy Act small business operator), 153–157 (Proceeds of Crime Act), and items 159–165 (transitional provisions and regulation‑making power))."},"kimi_summary":{"content_quality":"ok","complexity_score":7,"scope_assessment":{"changed":false,"description":"The legislation remains tightly focused on its original purpose: facilitating the transition from the Financial Transaction Reports Act 1988 to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. While it touches many statutes, it does so only to update references, preserve existing administrative arrangements, and ensure coherence between the old and new regulatory frameworks. There is no mission creep beyond this transitional and consequential purpose."},"complexity_factors":["Extensive cross-referencing: Amends 16 separate Acts and Regulations, requiring readers to track changes across multiple statutes simultaneously","Conditional commencement: 24 separate commencement triggers with complex dependencies (e.g., 'if section 3 of the AML/CTF Act commences before 14 December 2006, the provision does not commence at all')","Temporal limitations: Numerous provisions limited to transactions 'before the commencement of Division 1 of Part X' of the AML/CTF Act, creating parallel historical and current regimes","Nested definitions: Heavy reliance on defined terms from the AML/CTF Act (e.g., 'designated service', 'reporting entity', 'applicable customer identification procedure') that are not defined in this Act","Transitional preservation: Complex rules preserving old instruments (appointments, delegations, agreements) under new legislative authority via deeming provisions","Constitutional limitations: Explicit external affairs power limitations (s. 51(xxix)) on application to State indictable offences"],"plain_english_summary":"This Act is the 'clean-up crew' for Australia's anti-money laundering and counter-terrorism financing laws. It makes technical amendments to over a dozen existing laws to ensure they work properly with the new **Anti-Money Laundering and Counter-Terrorism Financing Act 2006** (the main AML/CTF law).\n\n**What it actually does:**\n\n* **Renames and restructures AUSTRAC**: The old \"Director of AUSTRAC\" becomes the \"AUSTRAC CEO\" (Chief Executive Officer), and the agency itself is continued under the new Act rather than the old Financial Transaction Reports Act 1988.\n* **Updates cross-references**: Changes references in laws like the *Crimes Act 1914*, *Criminal Code*, and *Privacy Act 1988* to point to the new AML/CTF Act instead of the old FTR Act.\n* **Expands money laundering offences**: Broadens the Criminal Code's money laundering provisions to cover proceeds from State and Territory indictable offences (not just Commonwealth and foreign offences), and adds new aggravating circumstances involving breaches of the AML/CTF Act.\n* **Creates carve-outs**: Allows certain disclosures of suspicious matter reports to ASIC and market operators, and lets electoral roll information be used for customer identification under the new AML/CTF rules.\n* **Transitional arrangements**: Ensures existing appointments, delegations, and agreements made under the old FTR Act remain valid under the new regime.\n\n**Who it affects:**\nBanks, casinos, bullion dealers, lawyers, accountants, and other \"reporting entities\" now covered by the AML/CTF Act. It also affects regulators like AUSTRAC, ASIC, and law enforcement agencies who need to share information.\n\n**Why it matters:**\nWithout this Act, there would be gaps and conflicts between the old reporting system (FTR Act) and the new comprehensive AML/CTF regime. It ensures a smooth transition and closes loopholes in criminal laws regarding money laundering from state-level crimes."},"summary":{"complexity_score":8,"scope_assessment":{"changed":false,"description":"The Act does exactly what its title says — it provides transitional provisions and makes consequential amendments to existing legislation to support the introduction of the AML/CTF Act 2006. There is no evidence of scope creep beyond this stated purpose. The Criminal Code amendments, while substantive, are directly consequential to the new AML/CTF framework and were clearly anticipated as part of the reform package."},"complexity_factors":["Amends more than 10 separate pieces of legislation simultaneously, requiring cross-referencing across all of them","Highly staggered and conditional commencement provisions — different sections commence at different times, and some never commenced at all depending on timing conditions being met","Retrospective commencement for some provisions (e.g. Schedule 1, items 2–11 deemed to commence 14 December 2005, before the Act itself received Royal Assent in 2006)","Heavy reliance on defined terms from the companion AML/CTF Act 2006, meaning the Act cannot be understood in isolation","Complex interaction between old Financial Transaction Reports Act 1988 regime and new AML/CTF Act, with overlapping and transitional obligations that differ based on when transactions occurred","Criminal law amendments (Criminal Code) involve constitutional law concepts like external affairs power (s51(xxix) of the Constitution) affecting the scope of offences","Transitional provisions require tracing the legal status of instruments (appointments, delegations, agreements) made under the old Act and determining their effect under the new Act","Multiple conditional 'carve-outs' where old obligations cease to apply only after specific Divisions of the new Act commence, creating a patchwork of applicable rules during the transition period"],"plain_english_summary":"## What is this law about?\n\nThis is a **supporting Act** — think of it as the legal plumbing that makes Australia's major anti-money laundering (AML) and counter-terrorism financing (CTF) regime actually work in practice. It was passed alongside the main *Anti-Money Laundering and Counter-Terrorism Financing Act 2006* (the AML/CTF Act) to do two key jobs:\n\n---\n\n### 1. 🔧 Updating old laws to fit the new system\n\nWhen a major new law is introduced, dozens of other existing laws need to be updated so they all work together consistently. This Act amends over **10 different pieces of legislation**, including:\n\n- **Financial Transaction Reports Act 1988** — the old AML law. This Act strips out provisions that are now covered by the new AML/CTF Act, and updates references from the old \"Director of AUSTRAC\" title to the new \"AUSTRAC CEO\" title. (AUSTRAC — the Australian Transaction Reports and Analysis Centre — is the government agency that monitors financial transactions for suspicious activity.)\n- **Corporations Act, Criminal Code, Privacy Act, Proceeds of Crime Act, and others** — all updated to recognise the new AML/CTF Act and ensure they work alongside it rather than creating conflicts.\n\n**Why does this matter to you?** If you run a business that deals with financial transactions — a bank, accountant, real estate agent, lawyer, or money transfer service — the rules about when and how you report suspicious transactions, verify customer identities, and keep records changed significantly. This Act clarifies which old rules still apply during the changeover and which new rules take over.\n\n---\n\n### 2. ⏱️ Managing the changeover (\"transitional provisions\")\n\nChanging from one legal regime to another doesn't happen overnight. This Act includes rules to ensure a smooth handover:\n\n- **Existing appointments** of AUSTRAC's director and staff automatically carry over under the new Act — no one loses their job or authority during the switch.\n- **Existing delegations** (where the director formally passed powers to others) and **consultant agreements** are preserved.\n- **The Governor-General** (the head of state, acting on government advice) can make additional regulations to fill any gaps during the transition.\n\n---\n\n### 3. 🔍 Notable specific changes\n\n- **Electoral Roll access**: Businesses required to verify customer identities under the new AML/CTF Act (called \"reporting entities\") can access the electoral roll to help confirm who their customers are — but *only* for that purpose.\n- **Criminal Code updates**: The definitions of money laundering offences are expanded to cover a wider range of crimes — including state-level crimes, ACT and NT crimes, and foreign crimes — as \"predicate offences\" (the underlying crimes that generate dirty money).\n- **Privacy Act**: Small businesses that become \"reporting entities\" under the AML/CTF Act must comply with privacy obligations just like larger organisations when handling customer data for AML/CTF purposes.\n- **Proceeds of Crime Act**: New AML/CTF offences (like structuring transactions to avoid reporting, or using false names) are added to the list of serious offences, meaning assets can be seized in connection with those crimes.\n- **Surveillance devices**: Law enforcement can use surveillance devices when investigating certain AML/CTF offences.\n\n---\n\n### Who does this affect?\n\n- **Financial institutions, banks, credit unions**\n- **Lawyers, accountants, real estate agents** handling financial transactions\n- **Money transfer and remittance services**\n- **Casinos and gambling businesses**\n- **Anyone conducting large cash transactions** or cross-border money movements\n- **AUSTRAC and law enforcement agencies**\n- **Small businesses** that fall within the AML/CTF regime\n\n---\n\n### The bottom line\n\nThis is a housekeeping law. It doesn't create the main AML/CTF rules itself — that's the job of the companion Act. But without this law, the new system would conflict with existing laws, old staff appointments would be invalid, and the changeover would be legally chaotic. Most Australians won't interact with this directly, but businesses in the financial sector and their legal advisers need to understand how the old and new regimes interact."},"issue_detection":{"absurdities":[{"type":"retroactive_impossibility","section":"Section 2, Commencement Table, Row 3 (Schedule 1, items 2-11)","severity":"high","reasoning":"Items 2-11 of Schedule 1 amend the Anti-Terrorism Act (No. 2) 2005 by substituting commencement cells in that Act's own commencement table. The substituted cells reference section 3 of the AML/CTF Act 2006 and impose a condition that provisions do not commence if that section commences before 14 December 2006. However, the amending items themselves are deemed to have commenced on 14 December 2005 — before the AML/CTF Act 2006 was enacted, before the transitional Act received Royal Assent, and indeed before the AML/CTF Act 2006 even existed as a Bill. This creates a logical impossibility: the amending items purport to have been in force for over a year before they were enacted, inserting references to an Act that did not yet exist.","confidence":0.88,"description":"Schedule 1 items 2-11 are stated to commence 'immediately after the commencement of section 2 of the Anti-Terrorism Act (No. 2) 2005', with a listed date of 14 December 2005. This Act itself received Royal Assent on 12 December 2006. Consequential amendment provisions of a 2006 Act are therefore deemed to have commenced over a year before the parent Act even existed."},{"type":"other","section":"Section 2, Commencement Table, Rows 5, 7, 9, 11, 13, 15, 17, 19 (Schedule 1 items 58, 79, 90-92, 113, 120, 122, 124, 129-130)","severity":"medium","reasoning":"The drafting creates a conditional non-commencement mechanism that was inevitably triggered given the actual commencement date (13 December 2006) of section 3 of the principal Act. Parliament enacted these schedule items knowing they would never commence. While arguably intentional as a legislative safety valve, the result is that the statute book contains enacted provisions confirmed never to have had legal effect, creating permanent dead-letter law. This raises the question of what legal effect the repealed predecessor provisions had between 13 and 14 December 2006 if the replacement provisions never commenced.","confidence":0.92,"description":"Multiple schedule items are stated to commence 'at the same time as section 3 of the AML/CTF Act 2006 commences, however if that section commences before 14 December 2006, the provisions do not commence at all.' The Column 3 date for all these items is listed as 'Does not commence' or 'Do not commence'. Since section 3 of the AML/CTF Act 2006 is confirmed to have commenced on 13 December 2006 — which is before 14 December 2006 — the non-commencement outcome is triggered and these provisions are permanently spent without ever having operated."},{"type":"other","section":"Schedule 1, Item 43 (missing item number)","severity":"low","reasoning":"The sequential numbering of Schedule 1 items skips from 42 to 44. This creates an ambiguity: either item 43 was deliberately omitted (in which case the commencement table's coverage of items ranges may be affected), or it was inadvertently omitted from the instrument. Given the commencement table at section 2 refers to specific item ranges, a missing item creates uncertainty about whether the commencement table accurately covers all operative provisions.","confidence":0.75,"description":"The Schedule 1 amendments to the Financial Transaction Reports Act 1988 jump from item 42 (subsection 3(1) definition of 'approved cash carrier') directly to item 44 (subsection 3(1) definition of 'AUSTRAC'). Item 43 is entirely absent from the text of the Act as reproduced."},{"type":"retroactive_impossibility","section":"Schedule 1, Item 147 (commencement table row 21) vs Items 2-11 (commencement table row 3)","severity":"medium","reasoning":"Item 147 amends the Financial Transaction Reports Amendment Act 2006's own commencement table. By deeming it to have commenced on 9 November 2006, Parliament is asserting that an amendment to another Act's commencement provisions took effect approximately five weeks before this amending Act received Royal Assent. While retrospective commencement is legally permissible under Australian constitutional law (absent a vested rights issue), it creates a logical absurdity: the amended commencement cell in the FTR Amendment Act was purportedly modified before the modifying instrument existed.","confidence":0.82,"description":"Item 147 commences on 9 November 2006 (immediately after commencement of section 2 of the Financial Transaction Reports Amendment Act 2006), which predates the Royal Assent date of 12 December 2006 for this Act. This means an amendment item in a 2006 amending Act is taken to have commenced before the amending Act itself existed."},{"type":"self_contradicting","section":"Section 2(2) and Commencement Table Column 3","severity":"medium","reasoning":"The Act simultaneously treats Column 3 as legally inconsequential (can be edited, not part of the Act) yet uses it to record the definitive outcome of complex conditional commencement provisions. A reader relying on Column 3's 'Does not commence' entry for legal guidance is relying on material explicitly declared to be non-binding and alterable. The operative commencement rule is in Column 2, but Column 2's conditional language requires factual determination to resolve — which Column 3 purports to supply without legal authority to do so definitively.","confidence":0.78,"description":"Section 2(2) states that Column 3 'contains additional information that is not part of this Act' and that 'information in this column may be added to or edited in any published version of this Act.' However, for rows 5, 7, 9, 11, 13, 15, 17 and 19, Column 3 records the operative legal outcome of the conditional commencement ('Does not commence'). If Column 3 is 'not part of this Act' and can be freely edited, then the authoritative record of whether these provisions ever commenced is alterable non-legislative material — an absurd outcome for a legally significant determination."}],"contradictions":[{"severity":"high","section_a":"Section 2, Commencement Table Row 3 (Schedule 1, items 2-11, deemed commencement 14 December 2005)","section_b":"Section 2, Commencement Table Row 1 (Sections 1-3, commencement 12 December 2006)","confidence":0.85,"description":"Items 2-11 of Schedule 1 are deemed to have commenced on 14 December 2005, over a year before sections 1-3 of the same Act commenced on 12 December 2006. This means operative Schedule provisions pre-date the commencement of the Act's own short title, commencement and schedules provisions, creating an internal temporal contradiction."},{"severity":"high","section_a":"Schedule 1, Items 2-11 (amending Anti-Terrorism Act (No. 2) 2005 commencement table to add AML/CTF Act 2006 conditions)","section_b":"Section 2, Commencement Table Row 3 (these same items deemed to commence 14 December 2005)","confidence":0.87,"description":"Items 2-11 substitute commencement cells in the Anti-Terrorism Act (No. 2) 2005 that reference the AML/CTF Act 2006 and its section 3. These substituted cells are deemed to have applied from 14 December 2005, but the AML/CTF Act 2006 — which the substituted cells reference — did not exist until December 2006. The amended commencement cells in the Anti-Terrorism Act therefore contained references to a non-existent Act for over a year, which is self-contradictory."},{"severity":"medium","section_a":"Schedule 1, Item 68 (prohibiting entry of designated service transactions in exemption register after commencement of Division 1 of Part 3 of AML/CTF Act 2006)","section_b":"Schedule 1, Items 85 and 78 (relieving cash dealers and solicitors of FTR Act obligations for designated service transactions after commencement of Division 1 of Part 3 of AML/CTF Act 2006)","confidence":0.65,"description":"Item 68 prevents financial institutions from registering designated service transactions as exempt under the FTR Act after the AML/CTF Act Part 3 commences, on the basis that the AML/CTF Act regime governs instead. However, items 78 and 85 relieve reporting entities of those FTR Act obligations only if the transaction is a designated service transaction after commencement. The interaction creates a gap: if a transaction type is a designated service transaction but not yet covered by a commenced AML/CTF Act provision, the entity is excluded from FTR Act registration of exemptions but not yet covered by AML/CTF Act obligations."},{"severity":"high","section_a":"Schedule 1, Item 127-130 (restricting FTR Act cross-border currency reporting to pre-AML/CTF Act Part 4 commencement transactions)","section_b":"Section 2, Commencement Table Rows 19 (items 129-130 'do not commence')","confidence":0.83,"description":"Items 129 and 130 (limiting FTR Act cross-border reporting obligations for subsections 33AA(1) and (2) to pre-AML/CTF Act Part 4 commencement) are confirmed not to have commenced. However, items 127 and 128 making identical amendments to section 33(1) and 33(2) did commence on 13 December 2006. This creates an asymmetry: the FTR Act's section 33 obligations are carved back to pre-AML/CTF commencement transactions, but section 33AA obligations remain unrestricted, meaning equivalent reporting requirements under sections 33 and 33AA are treated differently for the same class of post-commencement transactions."},{"severity":"medium","section_a":"Schedule 1, Item 113 (repealing Part IIIB of the Financial Transaction Reports Act 1988, confirmed 'does not commence')","section_b":"Schedule 1, Items 114 onwards (further amendments to FTR Act premised on Part IIIB repeal having occurred)","confidence":0.7,"description":"Item 113, which repeals Part IIIB of the FTR Act, is confirmed not to have commenced. However, subsequent items in Schedule 1 that did commence (items 114 onwards) amend the FTR Act in a manner that presupposes the legislative landscape created by the AML/CTF Act regime. If Part IIIB (which contained the original AML provisions in the FTR Act framework) remains in force because item 113 did not commence, there is potential for operative overlap or conflict with the AML/CTF Act 2006 provisions that items 114 onwards seek to integrate."}]}},"importantCases":[],"_links":{"self":"/api/acts/anti-money-laundering-and-counter-terrorism-financing-transitional-provisions-and-consequential-amen","history":"/api/acts/anti-money-laundering-and-counter-terrorism-financing-transitional-provisions-and-consequential-amen/history","analysis":"/api/acts/anti-money-laundering-and-counter-terrorism-financing-transitional-provisions-and-consequential-amen/analysis","conflicts":"/api/acts/anti-money-laundering-and-counter-terrorism-financing-transitional-provisions-and-consequential-amen/conflicts","importantCases":"/api/acts/anti-money-laundering-and-counter-terrorism-financing-transitional-provisions-and-consequential-amen/important-cases","documents":"/api/acts/anti-money-laundering-and-counter-terrorism-financing-transitional-provisions-and-consequential-amen/documents"}}