Financial Transaction Reports Amendment Bill 2018

Uniform Legislation and Statutes Review Committee· 14 June 2018general_report

The WA parliamentary committee reviewed the Financial Transaction Reports Amendment Bill 2018, which aims to update the Financial Transaction Reports Act 1995 to align with Commonwealth anti-money laundering and counter-terrorism financing laws. The bill enables WA police to access financial information reported under Commonwealth legislation, improving investigation efficiency. The committee found no impact on WA's parliamentary sovereignty or law-making powers.

Impact

WA Police, financial institutions, and individuals subject to investigation or prosecution for offences against WA laws will be affected.

financejusticepublic_sectorfinancial transaction reportsmoney launderingcounter-terrorism financingAMLCTF Actpolice investigationparliamentary sovereigntyAUSTRACfinancial institutionscriminal investigationproceeds of crime

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