Eric Abetz (Tasmania, Liberal Party, Minister for Fisheries, Forestry and Conservation) Share this | Hansard source

It is part of the anti-money-laundering provisions. Somewhere in my mind I have a figure of $10,000. We do not seem to have an expert on the Financial Transaction Reports Act in the advisers box at the moment, but what I can indicate is that it applies to all financial institutions that have a duty to report certain financial transactions, with a view to us as a society clamping down on money laundering. That was the purpose of the Financial Transaction Reports Act 1988. It was working well with the use of electoral roll until we made those amendments after the 2001 report of the Joint Standing Committee on Electoral Matters. It had unforeseen consequences. As a result, we are seeking to address the unforeseen consequences of those amendments.