Section 49C - Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 - Authorisation to obtain information or documents in certain circumstances

49C Authorisation to obtain information or documents in certain circumstances

(1) This section applies if a person has information or a document that may assist the AUSTRAC CEO with:

(a) obtaining or analysing information to support efforts to combat money laundering, terrorism financing, proliferation financing or other serious crimes; or

(b) identifying trends, patterns, threats or vulnerabilities associated with money laundering, terrorism financing, proliferation financing or other serious crimes;

for the purposes of the performance of functions of the AUSTRAC CEO.

Authorisation

(2) The AUSTRAC CEO may, by written notice given to the person, authorise the person:

(a) to give to the AUSTRAC CEO any such information; or

(b) to produce to the AUSTRAC CEO any such documents.

Content of notice

(3) A notice under subsection (2) must set out the effect of the following provisions:

(a) subsection (5);

(b) section 136;

Note 1: Section 136 is about giving false or misleading information.

Note 2: Section 137 is about producing false or misleading documents.

Information disclosure etc.

(4) A person may give information or produce a document to the AUSTRAC CEO in accordance with a notice under subsection (2).

Note: This subsection constitutes an authorisation for the purposes of the Privacy Act 1988 and other laws.

(5) This section applies despite any general law obligation of confidence.

7 Section 50A (at the end of the heading)

Add “, 49B or 49C”.

8 Paragraph 50A(1)(b)

Omit “or this section”, substitute “, 49B or 49C”.

9 Paragraphs 50A(3)(a) and (b)

Omit “or this section”, substitute “, 49B or 49C”.

10 Section 51

Omit “or 49”, substitute “, 49, 49B or 49C”.

11 Section 120

Before:

• The AUSTRAC CEO may authorise officials of Commonwealth, State or Territory agencies to access AUSTRAC information for the purposes of performing the agency’s functions and duties and exercising the agency’s powers.

insert:

• Certain persons must not disclose information relating to the giving or production of certain reports, information or other documents.

12 After subsection 123(2)

(2A) If a person (the first person) is required by a notice under subsection 49B(2) to give information or produce a document, the first person must not disclose to another person (except an AUSTRAC entrusted person):

(a) that the first person is or has been required by a notice under subsection 49B(2) to give information or produce a document; or

(b) that the information has been given or the document has been produced.

13 Subsection 123(10)

Omit “a reporting entity is not to be required to disclose to a court or tribunal information mentioned in subsection (1) or (2)”, substitute “a person is not to be required to disclose to a court or tribunal information mentioned in subsection (1), (2) or (2A)”.

14 Paragraph 123(11)(a)

After “(2),”, insert “(2A),”.

15 Subsection 167(1)

(1) This section applies to a person if an authorised officer reasonably believes that the person has knowledge of information, or possession or control of a document, that is relevant to the compliance with or enforcement of:

(a) an offence provision of this Act or the regulations; or

(b) a civil penalty provision of this Act or the regulations; or

16 After subsection 167(3)

Compliance

(3A) A person must comply with a notice given under subsection (2).

(3B) Subsection (3A) is a civil penalty provision.

17 At the end of paragraph 169(2)(d)

Add:

; or (iii) proceedings for an offence against a provision covered by the definition of money laundering in section 5; or

(iv) proceedings for an offence against a provision covered by the definition of financing of terrorism in section 5; or

(v) proceedings for an offence against a provision covered by the definition of proliferation financing in section 5.

18 Subsection 184(4) (after paragraph (f) of the definition of designated infringement notice provision)

(fb) subsection 49B(6) (which deals with complying with a notice requiring certain information or documents);

19 At the end of subsection 184(4) (at the end of the definition of designated infringement notice provision)

Add:

; (h) subsection 167(3A) (which deals with complying with a notice requiring certain information or documents).

Division 2—Consequential amendments

20 Subparagraph 7(2G)(a)(iii)

After “section 49”, insert “, 49B or 49C”.

Part 3—Definitions

21 Section 5 (definition of credit card)

credit card is a thing (whether real or virtual) that is one or more of the following:

(a) a thing of a kind commonly known as a credit card;

(b) a similar thing intended for use by a person in obtaining access to an account that is held by the person for the purpose of obtaining money, goods or services on credit;

(c) a thing of a kind that persons carrying on business commonly issue to their customers, or prospective customers, for use in obtaining goods or services from those persons on credit;

(d) a thing that may be used as a thing referred to in paragraph (a), (b) or (c).

22 Section 5 (definition of debit card)

debit card means:

(a) a thing (whether real or virtual) that is intended for use by a person in obtaining access to an account that is held by the person for the purpose of withdrawing or depositing physical currency or obtaining goods or services; or

(b) a thing (whether real or virtual) that may be used as a thing referred to in paragraph (a).

23 Section 5 (definition of derivative)

derivative: see subsections 7A(3) and (4).

24 Section 5 (definition of issue)

Omit “includes grant or otherwise make available”, substitute “has the same meaning as in Chapter 7 of the Corporations Act 2001”.

25 Section 5 (paragraphs (e) and (f) of the definition of loan)

Omit “(within the meaning of the Competition and Consumer Act 2010)’.

26 Section 5 (definition of money)

At the end of the definition, add:

; and (d) a digital representation of value:

(i) that is issued by or under the authority of a government body; and

(ii) that is intended to function as money.

Example: Central bank digital currency.

49C

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