Andrew Robb (Goldstein, Liberal Party, Minister for Trade and Investment) Share this | Link to this | Hansard source

I move:

That this bill be now read a second time.

The Australian Transaction Reports and Analysis Centre Cost Recovery Levy (Collection) Amendment Bill 2014 (the Collection Bill), in conjunction with the Australian Transaction Reports and Analysis Centre Cost Recovery Levy Amendment Bill 2014, alters the current arrangement for industry contribution to the Australian Transaction Reports and Analysis Centre (AUSTRAC).

This bill, together with the Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy Amendment Bill 2014, implements the new industry contribution arrangements announced by government as part of the 2014 budget. The bills transition AUSTRAC from its current cost recovery arrangements, which apply only to its regulatory function, to an industry contribution model that enables an industry contribution to AUSTRAC's dual role as Australia's AML/CTF regulator and financial intelligence unit.

The bill sets out a number of operational arrangements necessary to administer the industry contribution. This includes: creating the liability for a leviable entity for a given financial year to pay the industry contribution levy in that financial year; allowing the AUSTRAC CEO to specify the date for payment of instalments of the levy; and setting out late payment penalties.

The bill also sets out the requirement for an independent review of the operation of the levy as soon as possible after the fourth anniversary of the commencement of the Collection Act. This review, to be undertaken in close consultation with industry, will ensure that the operation of the new industry contribution, including the methodology used to calculate instalments of the levy and the impact of the levy on industry, is appropriately evaluated. It will also provide the opportunity for improvements to the arrangements, if warranted.

This bill, together with the Australian Transaction Reports and Analysis Centre Cost Recovery Levy Amendment Bill 2014, will ensure that AUSTRAC continues to provide a regulatory and intelligence environment that maintains community confidence in financial flows, and minimises the risk to business of exploitation for money laundering or terrorism financing.

Debate adjourned.