Document ID: chunk:federal_register_of_legislation:C2021C00518:section:20:p1
Version: federal_register_of_legislation:C2021C00518
Segment Type: section
Provision Reference: s 20 (pt 1/2)
Character Range: 21454–24071

20  Offence—dealing with freezable assets

Offence for individuals
 (1) An individual commits an offence if:
 (a) the individual holds an asset; and
 (b) the individual:
 (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.
 (2) Strict liability applies to the circumstance that the use or dealing with the asset is not in accordance with a notice under section 22.
Note: For strict liability, see section 6.1 of the Criminal Code.
 (3) It is a defence if the individual proves that the use or dealing was solely for the purpose of preserving the value of the asset.
Note: The individual bears a legal burden in relation to a matter in subsection (3) (see section 13.4 of the Criminal Code).

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