Document ID: chunk:federal_register_of_legislation:C2007A00147:clause:1_16
Version: federal_register_of_legislation:C2007A00147
Segment Type: clause
Provision Reference: sch 1 cl 16
Character Range: 10275–12232

16  After subsection 20(3)
Insert:

Penalty for individuals

 (3A) An offence under subsection (1) is punishable on conviction by imprisonment for not more than 10 years or a fine not exceeding the amount worked out under subsection (3B), or both.

 (3B) For the purposes of subsection (3A), the amount is:
 (a) if the contravention involves a transaction or transactions the value of which the court can determine—whichever is the greater of the following:
 (i) 3 times the value of the transaction or transactions;
 (ii) 2,500 penalty units; or
 (b) otherwise—2,500 penalty units.

Offence for bodies corporate

 (3C) A body corporate commits an offence if:
 (a) the body corporate holds an asset; and
 (b) the body corporate:
 (i) uses or deals with the asset; or
 (ii) allows the asset to be used or dealt with; or
 (iii) facilitates the use of the asset or dealing with the asset; and
 (c) the asset is a freezable asset; and
 (d) the use or dealing is not in accordance with a notice under section 22.

 (3D) An offence under subsection (3C) is an offence of strict liability.

Note: For strict liability, see section 6.1 of the Criminal Code.

 (3E) It is a defence if the body corporate proves that:
 (a) the use or dealing was solely for the purpose of preserving the value of the asset; or
 (b) the body corporate took reasonable precautions, and exercised due diligence, to avoid contravening subsection (3C).

Note: The body corporate bears a legal burden in relation to a matter in subsection (3E) (see section 13.4 of the Criminal Code).

Penalty for bodies corporate

 (3F) An offence under subsection (3C) is punishable on conviction by a fine not exceeding:
 (a) if the contravention involves a transaction or transactions the value of which the court can determine—whichever is the greater of the following:
 (i) 3 times the value of the transaction or transactions;
 (ii) 10,000 penalty units; or
 (b) otherwise—10,000 penalty units.