House of Representatives

Explanatory Memorandum

(Circulated by authority of the Attorney-General, the Honourable Daryl Williams AM QC MP)

Outline and financial impact

Outline

This Bill amends the Criminal Code Act 1995 (Criminal Code), the Financial Transactions Reports Act 1988 , the Mutual Assistance in Criminal Matters Act 1987 and the Charter of the United Nations Act 1945 to enhance the Commonwealths counter terrorism legislative framework by:

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creating an offence directed at those who provide or collect funds with the intention that they be used to facilitate terrorist activities;

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requiring cash dealers to report transactions that are suspected to relate to terrorist activities;

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enabling the Director of the Australian Transaction Reports and Analysis Centre, the Australian Federal Police Commissioner and the Director-General of Security to disclose financial transaction reports information directly to foreign countries, foreign law enforcement agencies and foreign intelligence agencies; and

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introducing higher penalty offences for providing assets to, or dealing in assets of, persons and entities engaged in terrorist activities.

The measures in the Bill implement obligations under United Nations Security Council Resolution 1373 and the International Convention for the Suppression of the Financing of Terrorism. Australia has signed the Convention and the Government intends to ratify the Convention in the near future, subject to the usual consultation processes.

Financial impact statement

There are no direct financial impacts from this Bill.