Commonwealth Numbered Acts

FINANCIAL TRANSACTION REPORTS AMENDMENT (TRANSITIONAL ARRANGEMENTS) ACT 2008 (NO. 124, 2008) - SCHEDULE 1

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.