FINANCIAL TRANSACTION REPORTS ACT 1988

PART VI - ADMINISTRATION  

SECTION 38   FUNCTIONS OF AUSTRAC CEO  

38(1)   [Functions]  

The functions of the AUSTRAC CEO include:


(a) (Repealed by No 170 of 2006)


(ab) (Repealed by No 170 of 2006)


(b) to collect, retain, compile, analyse and disseminate FTR information; and


(c) to monitor entries made in financial institutions' exemption registers; and


(d) to provide advice and assistance to the Commissioner in relation to FTR information; and


(e) to issue guidelines to cash dealers about their obligations under this Act and the regulations.

38(2)   [Consultations with cash dealers]  

In performing the AUSTRAC CEO's functions under this Act, the AUSTRAC CEO must:


(a) consult with cash dealers, or the representatives of cash dealers, in relation to the performance of the AUSTRAC CEO's functions under this Act; and


(b) take into account any comments made in the course of consultations referred to in paragraph (a).

38(3)   [Matters to which AUSTRAC CEO shall have regard]  

In performing the AUSTRAC CEO's functions under this Act, the AUSTRAC CEO must have regard to the desirability of:


(a) avoiding duplication in the analysis of information by the AUSTRAC CEO and the Commissioner;


(b) attaining compatibility and integration of FTR information and other information held by the Commissioner;


(c) maximising the utilisation of FTR information for taxation purposes; and


(d) consulting with the Commissioner in relation to the performance of the AUSTRAC CEO's functions under this Act.

38(4)   [Commissioner's comments and request]  

In performing the AUSTRAC CEO's functions under this Act, the AUSTRAC CEO must:


(a) take into account any comments made by the Commissioner in the course of consultations referred to in subsection (3); and


(b) carry out, as far as is practicable, analysis of FTR information at the request of the Commissioner.

38(5)   [ Failure to comply]  

Any failure to comply with the requirements of subsection (2) in relation to the performance of a function of the AUSTRAC CEO does not affect the validity of the performance of the function.




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