Acts of Parliament assented to - Act No. 111 to 114 of 2014

Overview

The Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy Amendment Act 2014 was enacted to address the need for adjusting the financial mechanisms of the Australian Transaction Reports and Analysis Centre (AUSTRAC) in response to operational changes or increased costs. The Act was assented to by His Excellency the Governor-General on 21 October 2014 and was passed by the Senate and the House of Representatives in the Parliament assembled. This legislative amendment seeks to ensure that AUSTRAC can effectively continue its mission of monitoring and analysing financial transactions to combat financial crime, including money laundering and terrorism financing, without facing financial constraints. The Customs Amendment (Korea-Australia Free Trade Agreement Implementation) Act 2014 and the Customs Tariff Amendment (Korea-Australia Free Trade Agreement Implementation) Act 2014 were also enacted to implement the Korea-Australia Free Trade Agreement, facilitating trade between the two countries by updating the Customs Act 1901 and the Customs Tariff Act 1995 respectively. These acts aim to streamline customs procedures and tariff structures to enhance economic cooperation and trade relations between Australia and South Korea.

Scope and Application

The Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy Amendment Act 2014 and the Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy (Collection) Amendment Act 2014 are pieces of Commonwealth legislation that amend the Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy Act 2011 and the Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy (Collection) Act 2011 respectively. These acts apply to entities that are liable to pay the supervisory cost recovery levy imposed under the principal Acts. The amendments introduced by these acts are intended to ensure the effectiveness of the levy in funding the operations of the Australian Transaction Reports and Analysis Centre, an agency responsible for collecting and analysing financial transaction reports to combat money laundering, counter-terrorism financing, and other serious crimes. The acts extend to the entire Commonwealth of Australia and are applicable to all persons and entities within its jurisdiction. The Customs Amendment (Korea-Australia Free Trade Agreement Implementation) Act 2014 and the Customs Tariff Amendment (Korea-Australia Free Trade Agreement Implementation) Act 2014 amend the Customs Act 1901 and the Customs Tariff Act 1995 respectively. These acts facilitate the implementation of the Korea-Australia Free Trade Agreement by modifying customs duties, tariffs, and other trade-related measures. The acts apply to all persons and entities involved in the importation and exportation of goods between Australia and South Korea, as well as to the Commonwealth Government and its agencies responsible for administering customs and tariff laws. Both acts extend to the entire Commonwealth of Australia, and they aim to streamline trade processes and reduce barriers for goods traded between the two countries in accordance with the terms of the Free Trade Agreement. There are no stated exclusions or exemptions within the text of these acts, but the specific application may be further defined through subordinate instruments or regulations.

Key Provisions

The Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy Amendment Act 2014 (section 3) modifies the Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy Act 2011. This Act adjusts the levy amount that is imposed on financial institutions to cover the costs associated with the supervision of anti-money laundering and counter-terrorism financing activities by the Australian Transaction Reports and Analysis Centre (AUSTRAC). It allows for a review and adjustment of the levy to reflect changes in the costs of providing these services. The Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy (Collection) Amendment Act 2014 (section 4) revises the Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy (Collection) Act 2011. It ensures that the mechanisms for collecting the levy from financial institutions are updated to align with the changes made by the Amendment Act 2014. This includes the procedures for calculating, reporting, and remitting the levy to AUSTRAC. Financial institutions subject to these amendments are required to adjust their compliance processes to ensure they are correctly calculating and remitting the updated levy amount to AUSTRAC. They must maintain accurate records of their transactions and ensure that all reporting requirements are met in accordance with the revised legislation. Failure to comply with these requirements can result in financial penalties and potential legal action by AUSTRAC. The Customs Amendment (Korea-Australia Free Trade Agreement Implementation) Act 2014 (section 5) and the Customs Tariff Amendment (Korea-Australia Free Trade Agreement Implementation) Act 2014 (section 6) both implement changes to the Customs Act 1901 and the Customs Tariff Act 1995 to facilitate the Korea-Australia Free Trade Agreement. These Acts include modifications to tariff rates, rules of origin, and other trade-related provisions to reduce barriers to trade between Australia and South Korea. Entities involved in the import and export of goods between Australia and South Korea must ensure they comply with the updated tariff rates and rules of origin. Failure to do so can result in financial penalties, fines, or other legal consequences under the amended Acts. These include potential criminal charges for deliberate or negligent breaches of the Customs Act 1901.