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Cash Transaction Reports Amendment Act 1991

No. 188 of 1991

An Act to amend the Cash Transaction Reports Act 1988, and for related purposes

[Assented to 6 December 1991]

The Parliament of Australia enacts:

PART 1—PRELIMINARY

Short title

1. This Act may be cited as the Cash Transaction Reports Amendment Act 1991.

Commencement

2.(1) Sections 1, 2, 3 and 7 commence on the day on which this Act receives the Royal Assent.

(2) The remaining provisions of this Act commence on a day to be fixed by Proclamation.

(3) If the provisions referred to in subsection (2) do not commence within the period of 12 months beginning on the day on which this Act receives the Royal Assent, those provisions commence on the first day after the end of that period.

PART 2—AMENDMENTS OF THE CASH TRANSACTION REPORTS ACT 1988

Principal Act

3. In this Part, "Principal Act" means the Cash Transaction Reports Act 19881.

Amendment of long title

4. The title of the Principal Act is amended by omitting "a Cash Transaction Reports Agency" and substituting "an Australian Transaction Reports and Analysis Centre".

Short title

5. Section 1 of the Principal Act is amended by omitting "Cash" and substituting "Financial".

Interpretation

6. Section 3 of the Principal Act is amended by inserting in subsection (1) the following definitions:

" 'AUSTRAC' means the Australian Transaction Reports and Analysis Centre;

'FTR information' means information obtained by the Director under Part II and includes:

    (a) information included in a notice under subsection 18(5), (5A) or (7) or 22(1) or in a copy of a record given under subsection 24(5); and

    (b) information obtained by the Director under section 243D of the ASC Law of a State or Territory;

  'international funds transfer instruction' means an instruction for a transfer of funds that is transmitted into or out of Australia electronically or by telegraph, but does not include an instruction of a prescribed kind;".

Reports in relation to transfer of currency into or out of Australia

7. Section 15 of the Principal Act is amended:

    (a) by inserting after subsection (7A) the following subsections:

      "(7B) For the purposes of paragraph (7A)(a), the time at which currency is brought into Australia by a person is:

         (a) if the person:

           (i) transfers the currency into Australia when a passenger on an aircraft or ship; and

           (ii) after disembarking, goes through an area set apart for customs officers to examine the passports and personal baggage of, and perform other duties in respect of, disembarking passengers and for such passengers to collect personal baggage—

         as soon as the person reaches the place in that area at which customs officers examine personal baggage or, if the person does not