Senate debates

Wednesday, 13 September 2006

Financial Transaction Reports Amendment Bill 2006

In Committee

12:20 pm

Photo of Joe LudwigJoe Ludwig (Queensland, Australian Labor Party, Manager of Opposition Business in the Senate) Share this | Hansard source

I will deal with a couple of issues. The Anti-Terrorism Bill (No. 2) in this instance, in terms of the amendments, moved to a position where there would be compliance with special recommendation VII. I am wondering whether the government accepts that position. Now we are retreating from full compliance with SR VII to the position where, because of the lack of consultation in the original bill, we have consultation which puts it in a position where industry will be substantially affected. I know those industries are cash dealers, but perhaps the government could give a more concrete example of who they are and, in particular, to what extent their businesses would be disrupted by this amendment. Perhaps they could also indicate whether or not there was a matter raised by the ABA or how it came to the attention of the department or the minister that there was a problem that needed to be retreated from or rectified. How long will it take before you will be fully compliant with SR VII, given that you now say, even after this bill, you will still not be compliant with it?

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