On Tuesday 20 February 2018, WA Attorney General (the AG), the Hon John Quigley introduced the Financial Transaction Reports Amendment Bill 2018 (the Bill) to the WA Legislative Assembly, with the Bill proposed to make substantive amendments to the Financial Transaction Reports Act 1995 (WA) (the Act).
According to the Bill’s Explanatory Memorandum (the EM), the proposed amendments contained in the Bill will enable WA police to access information and documents reported under the Commonwealth’s Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (the AMLCTF Act). The amendments will update the Act which was the result of an agreement by the Standing Committee of Attorneys General to model state legislation requiring cash dealers to provide information to state police regarding offences against state laws.
Under current [Federal] legislation, all Australian banks are required to report any suspect transaction as well as cash transactions of $10,000 or more to the Commonwealth regulator - the Australian Transaction Reports and Analysis Centre (AUSTRAC).
A Media Release from the WA Government indicates the new amendments:
The AG also revealed in a recent Media Release the new legislation is hoped to enhance the capability of WA Police to target money laundering:
WA Minister for Police; Road Safety the Hon Michelle Roberts recently commented:
The Bill is currently in the WA Legislative Assembly where it is awaiting further discussion and comment.
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New powers to help police follow the money trails of criminals –
Financial Transaction Reports Amendment Bill 2018 (WA) - Bill and supporting information available from TimeBase's LawOne Service.
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