337BDefinition of serious offence—valuation rules

#### 337B Definition of serious offence—valuation rules 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: (a) the definition of value in section 5; (b) section 18; (c) section 19. 156 Section 338 (definition of AUSTRAC) Repeal the definition, substitute: > AUSTRAC means the Australian Transaction Reports and Analysis Centre continued in existence by the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006. 157 Section 338 (after paragraph (e) of the definition of serious offence) Insert: (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: (i) section 53 (reports about movements of physical currency into or out of Australia); (ii) section 59 (reports about movements of bearer negotiable instruments into or out of Australia); (iii) section 136 (false or misleading information); (iv) section 137 (false or misleading documents); or (eb) an offence against any of the following sections of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006: (i) section 139 (providing a designated service using a false customer name or customer anonymity); (ii) section 140 (receiving a designated service using a false customer name or customer anonymity); (iii) section 141 (non‑disclosure of other name by which customer is commonly known); if: (iv) the customer concerned had an account in relation to the provision of the designated service concerned; and (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 (ec) an offence against either of the following sections of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006: (i) section 142 (conducting transactions so as to avoid reporting requirements relating to threshold transactions); (ii) section 143 (conducting transfers so as to avoid reporting requirements relating to cross‑border movements of physical currency); 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 Surveillance Devices Act 2004 158 Subsection 6(1) (after paragraph (c) of the definition of relevant offence) Insert: (ca) an offence against section 34, 53, 59, 139 or 140 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006; or Part 2—Transitional provisions 159 Instrument of appointment—AUSTRAC CEO (1) This item applies to an instrument of appointment that: (a) was in force immediately before the commencement of this item; and (b) was made under subsection 36(1) of the Financial Transaction Reports Act 1988. (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: (a) it had been made under subsection 214(1) of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006; and (b) a reference in the instrument to the Director of AUSTRAC were a reference to the AUSTRAC CEO. (3) This item does not limit section 25B of the Acts Interpretation Act 1901. 160 Terms and conditions of appointment—AUSTRAC CEO (1) This item applies to an instrument that: (a) was in force immediately before the commencement of this item; and (b) was made under subsection 36(2) of the Financial Transaction Reports Act 1988. (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: (a) it had been made under section 220 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006; and (b) a reference in the instrument to the Director of AUSTRAC were a reference to the AUSTRAC CEO. (3) This item does not limit section 25B of the Acts Interpretation Act 1901. 161 Acting appointments (1) This item applies to an instrument of appointment that: (a) was in force immediately before the commencement of this item; and (b) was made under subsection 37(1) of the Financial Transaction Reports Act 1988. (2) The instrument has effect, after the commencement of this item, as if: (a) it had been made under subsection 221(1) of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006; and (b) a reference in the instrument to the Director of AUSTRAC were a reference to the AUSTRAC CEO. (3) This item does not limit section 25B of the Acts Interpretation Act 1901. 162 Leave—AUSTRAC CEO (1) This item applies to an instrument that: (a) was in force immediately before the commencement of this item; and (b) was made under subsection 36B(2) of the Financial Transaction Reports Act 1988. (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: (a) it had been made under subsection 216(2) of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006; and (b) a reference in the instrument to the Director of AUSTRAC were a reference to the AUSTRAC CEO. (3) This item does not limit section 25B of the Acts Interpretation Act 1901. 163 Delegations (1) This item applies to an instrument of delegation that: (a) was in force immediately before the commencement of this item; and (b) was made under section 39 of the Financial Transaction Reports Act 1988. (2) The instrument has effect, after the commencement of this item, as if: (a) it had been made under subsection 222(1) of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006; and (b) a reference in the instrument to the Director of AUSTRAC were a reference to the AUSTRAC CEO. (3) This item does not limit section 25B of the Acts Interpretation Act 1901. 164 Consultants (1) This item applies to an agreement or determination that: (a) was in force immediately before the commencement of this item; and (b) was made under subsection 40A(1) or (2) of the Financial Transaction Reports Act 1988. (2) The agreement or determination has effect, after the commencement of this item, as if: (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 (b) a reference in the agreement or determination to the Director of AUSTRAC were a reference to the AUSTRAC CEO. (3) This item does not limit section 25B of the Acts Interpretation Act 1901. 165 Transitional regulations The Governor‑General may make regulations prescribing matters of a transitional nature relating to: (a) the amendments made by this Act; or (b) the enactment of this Act or the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006.