Document ID: chunk:federal_register_of_legislation:F2021C00916:reg:42
Version: federal_register_of_legislation:F2021C00916
Segment Type: reg
Provision Reference: reg 42
Character Range: 13906–14805

42  Notification
 (1) This regulation sets out what a person who is holding an asset must do if the person forms an opinion (a notifiable opinion) that:
 (a) the asset is a controlled asset; or
 (b) the asset, having been a controlled asset, or having been previously treated by the person as a controlled asset, is not, or is no longer, a controlled asset.
 (2) Paragraph (1) (b) does not apply if:
 (a) the asset has been removed from the list mentioned in regulation 40; or
 (b) all designated persons associated with the asset have been removed from the list.
 (3) As soon as practicable after a person forms a notifiable opinion, the person must inform the AFP of:
 (a) the asset about which the opinion was formed; and
 (b) as much information about the asset (including information about the owner or controller of the asset) as is known to the person; and
 (c) the reasons for the opinion.