FINANCIAL TRANSACTION REPORTS ACT 1988

PART V - ENFORCEMENT  

SECTION 29   FALSE OR MISLEADING INFORMATION  

29(1)  


A cash dealer shall not, in communicating information to the AUSTRAC CEO as required under Part II or III :


(a) intentionally make a statement that the cash dealer knows is false or misleading in a material particular; or


(b) intentionally omit from a statement any matter or thing without which the cash dealer knows the statement is misleading in a material particular.

29(2)  
A financial institution shall not, in maintaining the institution ' s exemption register as required under Division 1 of Part II :


(a) intentionally make a statement that the financial institution knows is false or misleading in a material particular; or


(b) intentionally omit from a statement any matter or thing without which the financial institution knows the statement is misleading in a material particular.

29(2A)  


A person must not, in communicating information to the AUSTRAC CEO as required under section 15A :


(a) intentionally make a statement that the person knows is false or misleading in a material particular; or


(b) intentionally omit from a statement anything without which the person knows the statement is misleading in a material particular.

29(3)  
A person must not:


(a) intentionally make a report for the purposes of section 15 , or a declaration for the purposes of section 33 , that the person knows is false or misleading in a material particular; or


(b) intentionally omit from such a report or declaration any matter or thing without which the person knows the report or declaration is misleading in a material particular.

29(4)  
A person shall not make a statement, either orally or in writing, or present a document that is, to the person ' s knowledge, false or misleading in a material particular and is capable of:


(aa) misleading an identifying cash dealer in the carrying out of a verification procedure under paragraph 20A(1)(b) ; or


(ab) misleading a bullion seller in the carrying out of a verification procedure under paragraph 24C(2)(a) or (b) ; or


(a) being used for the purposes of inducing a financial institution to enter a transaction or a class of transactions in the institution ' s exemption register; or


(b) causing a cash dealer to make a report of a cash transaction, or of an international funds transfer instruction, that is false or misleading in a material particular; or


(c) causing a carrier not to make a report under section 15 .

29(5)  


A person who contravenes subsection (1), (2), (2A), (3) or (4) commits an offence against this subsection punishable, upon conviction, by imprisonment for not more than 5 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.




This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.