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Financial Investigations Division to be given more powers

Published:Monday | September 16, 2013 | 8:11 AM

The government is moving to give more powers to the Financial Investigations Division as it seeks to bring down major players in criminal networks.

The FID will soon be able to apply to the court for monitoring, examination and production, forfeiture, and restraining orders.

Currently, those powers only reside in the Director of Public Prosecutions, who will retain these powers.

Minister of Foreign Affairs and Foreign Trade, Senator AJ Nicholson tabled a Bill to amend the Terrorism Prevention on Friday.

The Bill seeks to implement special recommendations made by the financial action task force in regards to money laundering and terrorism financing.

Some of the provisions include expanding the definition of ‘applicable property’ to include property in the hands of the recipient of a tainted gift.

According to the Act ‘applicable property’ means any property that has been used, in whole or in part, to facilitate or carry out a terrorism offence; or derived, obtained or realised directly from the commission of a terrorism offence.

Amendments are also being made to Section 28 of the Act to allow the court to make an order for the monetary payment by the offender where in specified circumstances, applicable property is not susceptible to the making of a forfeiture order.

Changes are also being made to provide for protection to innocent third parties in possession of applicable property.


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