FINANCIAL TRANSACTION REPORTS ACT 1988

PART V - ENFORCEMENT  

SECTION 28   FAILURE TO PROVIDE INFORMATION  

28(1)   [Offence by cash dealer]  

A cash dealer commits an offence against this section if the cash dealer refuses or fails:


(a) to communicate information to the AUSTRAC CEO when and as required under Part II or III ; or


(b) to comply with a notice as required by subsection 27E(3) .


(c) to retain reports as required under subsection 17B(5) .

28(2)   [Offence by financial institution]  

A financial institution commits an offence against this section if the institution:


(a) fails to maintain an exemption register as required under Division 1 of Part II ; or


(b) refuses or fails to comply with a notice under subsection 13(1) or (5) .

28(3)   [Failure to communicate information]  

If a solicitor, a solicitor corporation or a partnership of solicitors refuses or fails:


(a) to communicate information to the AUSTRAC CEO when required under section 15A ; or


(b) to comply with a notice as required by subsection 27E(3) ;

the solicitor or corporation, or each member of the partnership, as the case may be, commits an offence against this section.

28(4)   [Penalty]  

A person who commits an offence against this section is punishable, upon conviction, by imprisonment for not more than 2 years.

Note:

Subsection 4B(2) of the Crimes Act 1914 allows a court to impose in respect of an offence an appropriate fine instead of, or in addition to, a term of imprisonment. The maximum fine that a court can impose on an individual is worked out by multiplying the maximum term of imprisonment (in months) by 5, and then multiplying the resulting number by the amount of a penalty unit. The amount of a penalty unit is stated in section 4AA of that Act. If a body corporate is convicted of an offence, subsection 4B(3) of that Act allows a court to impose a fine that is not greater than 5 times the maximum fine that could be imposed by the court on an individual convicted of the same offence.




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