Anti-Money Laundering and Counter Terrorism Financing Act 2006
I, CHRISTOPHER MARTIN ELLISON, Minister for Justice and Customs, give these Principles under section 213 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (the Act).
Dated 31 January 2007
original signed
Minister for Justice and Customs
1 Name of Principles
These Principles are the Policy (Civil Penalty Orders) Principles 2006.
2 Commencement
These Principles commence on the day they are given.
3 Applying for civil penalty orders (Act s 176)
(1) During the period set out in subsection (2) for a civil penalty provision, the AUSTRAC CEO may apply for a civil penalty order against a reporting entity for a contravention of the provision only if the AUSTRAC CEO is satisfied that the reporting entity has failed to take reasonable steps to comply with the provision.
(2) For subsection (1), the period is:
(a) for a civil penalty provision in Part 5, 6, 15 or 18 of the Act or Division 2 or 4 of Part 10 of the Act -the period beginning on the day these Principles are given and ending at the end of 12 March 2008; or
(b) for a civil penalty provision in Division 5 of Part 3 of the Act, Part 8 of the Act or Division 6 of Part 10 of the Act -the period beginning on 12 June 2007 and ending at the end of 11 September 2008; or
(c) for a civil penalty provision in Division 2,3,4 or 5 of Part 2 of the Act, Part 7 of the Act or Division 3 or 5 of Part 10 of the Act 'the period beginning on 12 December 2007 and ending at the end of 11 March 2009; or
(d) for a civil penalty provision in Division 6 of Part 2 of the Act or Division 2, 3, 4 or 6 of Part 3 of the Act -the period beginning on 12 December 2008 and ending at the end of 11 March 2010.
4 Matters that must be considered
In determining whether a reporting entity has failed to take reasonable steps to comply with a civil penalty provision, the AUSTRAC CEO must have regard to all relevant matters, including:
(a) whether the entity has previously failed to take such steps; and
(b) any steps that the entity has taken to comply with its obligations under the Act; and
(c) whether the entity complied with any obligations it may have had under the Financial Transaction Reports Act 1988; and
(d) any discussions and agreements that the reporting entity has had with staff of AUSTRAC; and
(e) any explanation given by the reporting entity to AUSTRAC.
