3Objects

#### 3 Objects (1) The objects of this Act include: (aa) to provide for measures to detect, deter and disrupt money laundering, the financing of terrorism, and other serious financial crimes; and (ab) to provide relevant Australian government bodies and their international counterparts with the information they need to investigate and prosecute money laundering offences, offences constituted by the financing of terrorism, and other serious crimes; and (ac) to support cooperation and collaboration among reporting entities, AUSTRAC and other government agencies, particularly law enforcement agencies, to detect, deter and disrupt money laundering, the financing of terrorism, and other serious crimes; and (ad) to promote public confidence in the Australian financial system through the enactment and implementation of controls and powers to detect, deter and disrupt money laundering, the financing of terrorism, and other serious crimes; and (a) to fulfil Australia’s international obligations, including: (i) Australia’s international obligations to combat money laundering; and (ii) Australia’s international obligations to combat financing of terrorism; and (b) to address matters of international concern, including: (i) the need to combat money laundering; and (ii) the need to combat financing of terrorism; and (c) by addressing those matters of international concern, to affect beneficially Australia’s relations with: (i) foreign countries; and (ii) international organisations. > Note 1: The objects of this Act are achieved by (among other things) requiring information to be given to the AUSTRAC CEO and by allowing certain other agencies to access information collected by the AUSTRAC CEO. > Note 2: The objects mentioned in paragraphs (1)(a),(b) and (c) relate to the external affairs power. Schedule 1 (alternative constitutional basis) contains provisions designed to attract other legislative powers (including the taxation power). (2) Relevant international obligations include obligations under the following: (a) the United Nations Convention Against Corruption, done at New York on 31 October 2003 \[2006\] ATS 2; (b) the United Nations Convention Against Transnational Organized Crime, done at New York on 15 November 2000 \[2004\] ATS 12; (c) the Convention on Laundering, Search, Seizure and Confiscation of the Proceeds of Crime, done at Strasbourg on 8 November 1990 \[1997\] ATS 21; (d) United Nations Security Council Resolution 1267 S/RES/1267 (1999); (e) United Nations Security Council Resolution 1373 S/RES/1373 (2001); (f) United Nations Security Council Resolution 1617 S/RES/1617 (2005). (3) The following reflect international concern: (a) the FATF Recommendations; (b) the United Nations Convention Against Corruption, done at New York on 31 October 2003 \[2006\] ATS 2; (c) the United Nations Convention Against Transnational Organized Crime, done at New York on 15 November 2000 \[2004\] ATS 12; (d) the Convention on Laundering, Search, Seizure and Confiscation of the Proceeds of Crime, done at Strasbourg on 8 November 1990 \[1997\] ATS 21; (e) the International Convention for the Suppression of the Financing of Terrorism, done at New York on 9 December 1999 \[2002\] ATS 23; (f) United Nations General Assembly Resolution 51/210 A/RES/51/210 (1996); (g) United Nations Security Council Resolution 1267 S/RES/1267 (1999); (h) United Nations Security Council Resolution 1269 S/RES/1269 (1999); (i) United Nations Security Council Resolution 1373 S/RES/1373 (2001); (j) United Nations Security Council Resolution 1456 S/RES/1456 (2003); (k) United Nations Security Council Resolution 1617 S/RES/1617 (2005). > Note 1: FATF Recommendations is defined in section 5. > Note 2: In 2006, the text of international agreements in the Australian Treaty Series was accessible through the Australian Treaties Library on the AustLII website (www.austlii.edu.au). > Note 3: In 2006, the text of United Nations Security Council resolutions and United Nations General Assembly resolutions was accessible through the United Nations website (www.un.org).