Commonwealth of Australia Explanatory Memoranda

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ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING (TRANSITIONAL PROVISIONS AND CONSEQUENTIAL AMENDMENTS) BILL 2006

                            2004-2005-2006



  THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA



                   HOUSE OF REPRESENTATIVES




   ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM
FINANCING (TRANSITIONAL PROVISIONS AND CONSEQUENTIAL
                AMENDMENTS) BILL 2006




                       CORRECTION TO THE
                   EXPLANATORY MEMORANDUM




     (Circulated by authority of the Minister for Justice and Customs,
                  Senator the Honourable Chris Ellison)
The following changes correct typographical errors in the explanatory memorandum:

ANTI-TERRORISM ACT (NO 2) 2005 (AT Act)

Item 5, Line 3, omit "1D", substitute "5"

Item 6, Line 4, omit "1E", substitute "6"

Item 11, Line 3, add "They also insert various consequential amendments into the Proceeds of
Crime Act 2002 and the Surveillance Devices Act 2004"

Item 12, Lines 2 and 3, replace "95" with "123"

Item 14, Line 6, replace "2A" with "13"

Items 19 and 20, Line 8, replace "72" with "209"

Items 19 and 20, line 4, replace the words "subsection 187(1)of the Crimes Act" with the
words "subsection 225(1) of the Anti-Money Laundering and Counter-Terrorism Financing
Act 2006"

Items 19 and 20, line 6, replace the words "subsection 187(3) of the Crimes Act" with the
words "subsection 225(3) of the Anti-Money Laundering and Counter-Terrorism Financing
Act 2006"

Items 19 and 20, line 8, withdraw the words "pardons, quashed and"

CRIMINAL CODE ACT 1995 (Criminal code)

Item 31, Lines 7 to 10 inclusive, repeal the lines and insert, "Subsection 400.1(1) contains
definitions for the purposes of Division 400. Consequent on items 30 and 31 items 21 to 28
inclusive insert certain definitions into subsection 400.1(1). Item 29 adds a new subsection (3)
to section 400.1. The definitions are:"

Item 22, omit the entire paragraph, substitute the words "Item 22 - definition of banking
transaction has been removed from sub-section 400.2(3) and inserted into the definition
section (400.1(1))"

Item 23, omit the entire paragraph, substitute the words "Item 23 - definition of
Commonwealth indictable offence."

Items 32 and 33, Line 1, replace "subparagraph 400.9(1)(b)(i)" with "paragraph 400.9(1)(b)"


FINANCIAL TRANSACTION REPORTS ACT 1988 (FTR Act)

Page 8, 3rd last line, replace "123" where it secondly occurs with "124"
Page 11, 1st dot point commencing "Section 221 of the FTR Act..", repeal the first and second
sentences of the dot point, replace them with "Section 21A of the FTR Act applies to a person
who wishes to open or become a signatory to an account with an identifying cash dealer in a
name by which the signatory intends to be commonly known. Items 100 and 101 make
amendments so that the obligations in section 21A do not apply to an individual who opens an
account after commencement of the AML/CTF Bill (item 100) or who becomes signatory to
an account after commencement of the AML/CTF Bill (item 101)."

Page 11, 3rd dot point commencing "Section 24D of the FTR Act...", line 3 omit "of the
commencement"

Page 11, last dot point commencing "Sections 40C..", line 4 insert the word "transaction"
between the words "financial" and "document"

Page 11, final paragraph, line 3 insert the word "cash" after the word "non-reportable"

FINANCIAL TRANSACTION REPORTS AMENDMENT BILL 2006 (FTRA Bill)

Line 2 omit "makes", substitute "make"

FREEDOM OF INFORMATION ACT 1982 (FOI Act)

Item 148, Paragraph 2, line 3 omit "transaction", substitute "matters"

PROCEEDS OF CRIMES ACT 2002 (POC Act)

Heading "Proceeds of Crimes Act 2002", omit "Crimes" substitute "Crime"

Item 153, line 1, omit "of the POC Act"