Document ID: chunk:federal_register_of_legislation:C2007A00147:clause:1_22
Version: federal_register_of_legislation:C2007A00147
Segment Type: clause
Provision Reference: sch 1 cl 22
Character Range: 12693–14481

22  After subsection 21(2)
Insert:

Penalty for individuals

 (2A) 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 (2B), or both.

 (2B) For the purposes of subsection (2A), 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

 (2C) A body corporate commits an offence if:
 (a) the body corporate, directly or indirectly, makes an asset available to a person or entity; and
 (b) the person or entity to whom the asset is made available is a proscribed person or entity; and
 (c) the making available of the asset is not in accordance with a notice under section 22.

 (2D) An offence under subsection (2C) is an offence of strict liability.

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

 (2E) It is a defence if the body corporate proves that it took reasonable precautions, and exercised due diligence, to avoid contravening subsection (2C).

Note: The body corporate bears a legal burden in relation to a matter in subsection (2E) (see section 13.4 of the Criminal Code).

Penalty for bodies corporate

 (2F) An offence under subsection (2C) 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.