Sch 11Repeal of the Financial Transaction Reports Act 1988

Schedule 11—Repeal of the Financial Transaction Reports Act 1988

Part 1—Repeals

Financial Transaction Reports Act 1988

1  The whole of the Act

Repeal the Act.

Division 1—Amendment of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006

2  Section 5 (paragraph (g) of the definition of AUSTRAC entrusted person)

Omit “repealed section 40A of the”, substitute “section 40A of the repealed”.

3  Section 5 (note to the definition of AUSTRAC entrusted person)

4  Section 5 (paragraph (d) of the definition of AUSTRAC information)

After “1988”, insert “, as in force immediately before its repeal”.

5  Subsection 49(1)

After “CEO under section 41, 43 or 45”, insert “of this Act, or a reporting entity communicated information to the AUSTRAC CEO under subsection 16(1) or (1A) of the repealed Financial Transaction Reports Act 1988”.

6  Subparagraph 49(1)(i)(ii)

After “45”, insert “of this Act, or subsection 16(1) or (1A) of the repealed Financial Transaction Reports Act 1988,”.

7  Subsection 50A(3)

8  At the end of Division 3 of Part 10

Add: