Commonwealth: Financial Transaction Reports Amendment (Transitional Arrangements) Act 2008 (Cth)

Financial Transaction Reports Amendment (Transitional Arrangements) Act 2008 No. 124, 2008 An Act to amend the Financial Transaction Reports Act 1988, and for related purposes Contents 1 Short title 2 Commencement 3 Schedule(s) Schedule 1—Amendments Financial Transaction Reports Act 1988 Financial Transaction Reports Amendment (Transitional Arrangements) Act 2008 No. 124, 2008 An Act to amend the Financial Transaction Reports Act 1988, and for related purposes [Assented to 25 November 2008] The Parliament of Australia enacts: 1 Short title This Act may be cited as the Financial Transaction Reports Amendment (Transitional Arrangements) Act 2008. 2 Commencement This Act commences on the day on which it receives the Royal Assent. 3 Schedule(s) Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms. Schedule 1—Amendments Financial Transaction Reports Act 1988 1 Subparagraph 7(1)(f)(ii) Omit "the commencement of Division 3 of Part 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006", substitute "11 March 2010". 2 After subsection 7(1) Insert: (1A) Subsection (1) does not apply in relation to a transaction if the cash dealer complies with section 43 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 in relation to the transaction. 3 Subsection 11(2A) Omit "the commencement of Division 1 of Part 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006", substitute "11 March 2010". 4 Subsection 15A(1) Omit "subsection (3A)", substitute "subsections (3A) and (3B)". 5 Paragraph 15A(3A)(b) Omit "the commencement of Division 1 of Part 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006", substitute "11 March 2010". 6 After subsection 15A(3A) Insert: (3B) Subsection (1) does not apply in relation to a transaction if the solicitor, corporation or partnership complies with section 43 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 in relation to the transaction. 7 Subsections 16(1) and (1A) Omit "subsection (4A)", substitute "subsections (4A) and (4B)". 8 Paragraph 16(4A)(b) Omit "the commencement of Division 1 of Part 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006", substitute "11 March 2010". 9 After subsection 16(4A) Insert: (4B) Subsection (1) or (1A) does not apply in relation to a transaction if the cash dealer complies with section 41 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 in relation to the transaction. 10 Paragraph 17B(1)(a) Omit "the commencement of Division 1 of Part 3 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006", substitute "12 March 2010". 11 After subsection 17B(1) Insert: (1A) Subsection (1) does not apply in relation to an instruction if the cash dealer complies with section 45 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 in relation to the instruction. [Minister's second reading speech made in— House of Representatives on 18 September 2008 Senate on 14 October 2008] (177/08)