Legislation (Deferral of Sunsetting—Financial Transaction Reports Regulations) Certificate 2018 (Cth)

Legislation (Deferral of Sunsetting—Financial Transaction Reports Regulations) Certificate 2018

I, Christian Porter, Attorney‑General, make the following certificate.

Dated   24 August 2018

Christian Porter

Attorney‑General

Contents

1............ Name............................................................................................................................. 1

2............ Commencement............................................................................................................. 1

3............ Authority....................................................................................................................... 1

4............ Definitions..................................................................................................................... 1

5............ Statement of reasons for issue of certificate................................................................... 1

6............ Deferral of sunsetting of the Regulations...................................................................... 2

7............ Repeal of this instrument............................................................................................... 2

1  Name

This instrument is the Legislation (Deferral of Sunsetting—Financial Transaction Reports Regulations) Certificate 2018.

2  Commencement

(1)  Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Commencement information
Column 1	Column 2	Column 3
Provisions	Commencement	Date/Details
1.  The whole of this instrument	The day after this instrument is registered.	31 August 2018

Note:          This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

(2)  Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3  Authority

This instrument is made under paragraph 51(1)(c) of the Legislation Act 2003.

4  Definitions

In this instrument:

Act means the Financial Transaction Reports Act 1988.

AML/CTF Act means the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006.

AML/CTF Rules has the same meaning as in the AML/CTF Act.

Legislation Act means the Legislation Act 2003.

Regulations means the Financial Transaction Reports Regulations 1990.

5  Statement of reasons for issue of certificate

For the purposes of paragraph 51(2)(a) of the Legislation Act, this section sets out the statement of the reasons for the issue of this certificate.

Statement of reasons

I am satisfied that the Regulations would, apart from the operation of Part 4 of Chapter 3 of the Legislation Act, be likely to cease to be in force within 12 months after the sunsetting day for the Regulations.

A review of Australia’s anti‑money laundering and counter‑terrorism financing regime has recommended the Act and the Regulations be repealed and the reporting requirements imposed by the Act and the Regulations be incorporated into the AML/CTF Act and AML/CTF Rules.

The Regulations are due to sunset on 1 October 2018. A 12 month deferral of the sunsetting day will avoid the need to remake the Regulations in their current form for the short period before the Act and the Regulations are expected to be repealed to give effect to the review’s recommendations.

6  Deferral of sunsetting of the Regulations

The Regulations, for which the sunsetting day is 1 October 2018, are taken to cease to be in force under section 51 of the Legislation Act on 1 October 2019.

7  Repeal of this instrument

This instrument is repealed at the start of 2 October 2019.