Document ID: chunk:federal_register_of_legislation:C2021C00518:section:21
Version: federal_register_of_legislation:C2021C00518
Segment Type: section
Provision Reference: s 21
Character Range: 24423–26931

21  Offence—giving an asset to a proscribed person or entity

Offence for individuals
 (1) An individual commits an offence if:
 (a) the individual, 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.
 (2) Strict liability applies to the circumstance that the making available of the asset is not in accordance with a notice under section 22.
Note: For strict liability, see section 6.1 of the Criminal Code.

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.
 (3) Section 15.1 of the Criminal Code (extended geographical jurisdiction—category A) applies to an offence against subsection (1) or (2C).