📜 Financial Transaction Reports Amendment Bill 2018
This bill amends the Financial Transaction Reports Act 1995 to allow WA Police access to information reported under the Commonwealth's Anti-Money Laundering and Counter-Terrorism Financing Act 2006, enhancing investigations into financial crimes.
Impact
Cash dealers and reporting entities will be required to provide further information to WA Police upon request related to investigations. This aims to strengthen law enforcement's ability to combat financial crime and terrorism financing.
Key Changes
Parliamentary Progress
- LA Second Reading MovedLA20 Feb 2018
- LA IntroducedLA20 Feb 2018
- LA Second Reading AgreedLA8 May 2018
- LA Third ReadingLA8 May 2018
- LC Second Reading MovedLC10 May 2018
- LC Third ReadingLC9 Oct 2018
- LC Second Reading AgreedLC9 Oct 2018
- Royal Assent17 Oct 2018
Penalty Provisions6 found
Offence under section 10(2) (details not specified in provided text).
“Penalty for this subsection: a fine of $20 000 and imprisonment for 2 years.”
Failure to provide further information as requested by the Commissioner of Police or a police officer about matters reported under the FTR Act.
“Penalty for this subsection: a fine of $20 000 and imprisonment for 2 years.”
Failure by a reporting entity to comply with a request to provide further information or documents about matters reported under the AMLCTF Act.
“Penalty for this subsection: a fine of $20 000 and imprisonment for 2 years.”
Failure to report a suspect transaction and communicate the information to the AUSTRAC CEO.
“Penalty for this subsection: a fine of $20 000 and imprisonment for 2 years.”
Failure to provide additional information or documents as requested by the Commissioner of Police or a police officer about matters reported under subsection (1).
“Penalty for this subsection: a fine of $20 000 and imprisonment for 2 years.”
Offence under section 9 (details not specified in provided text).
“Penalty: a fine of $50 000 and imprisonment for 5 years.”
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