CTHIn ForceAct
Proceeds of Crime (Consequential Amendments and Transitional Provisions) Act 2002
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Proceeds of Crime (Consequential Amendments and Transitional Provisions) Act 2002
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Turn the raw legal text into a practical explanation grounded in Proceeds of Crime (Consequential Amendments and Transitional Provisions) Act 2002.
An ADI (the transferor ADI) is guilty of an offence if:
(a) a document is in its possession in fulfilment of an obligation imposed on it by section 40F, subsection 40G(1) or section 40H or 40J; and
(b) the document relates to an active account that has been, or is proposed to be, transferred to another ADI (the transferee ADI) under:
(i) a law of the Commonwealth or of a State or Territory; or
(ii) an arrangement between the transferor ADI and the transferee ADI; and
(c) the transferor ADI intentionally fails to give the relevant document to the transferee ADI within the 120‑day period beginning 30 days before the transfer of the account.
Penalty: 10 penalty units.