Proceeds of Crime Notices to Financial Institutions


Notices to Financial Institutions

A notice to a financial institution is a notice authorised by a senior executive AFP employee (or higher), requiring the financial institution to provide information to an AFP member. The information requested can be broad and can include whether the person holds an account, is a signatory to an account, as well as any transactions.[1]

A notice to a financial institution only has to meet the senior executive AFP employee’s judgment that the employee reasonable believes that the notice is required to determine whether to take any action under POCA or in relation to proceedings under POCA. The notice does not have to be tested by a judicial officer before being issued.

Notices to financial institutions are designed to allow an investigator to determine if a suspect has an interest in bank accounts, which then informs the investigators decision as to whether to take action under the POCA.

Failure to comply with a notice to a financial institution is an offence punishable by imprisonment.[2]

[1] A more expansive list is found in s 213(1) Proceeds of Crime Act 2002 (Cth).

[2] S 218 Proceeds of Crime Act 2002 (Cth).

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* Information contained in this article is of a general nature only and should not be relied upon as concise legal advice.
Please contact us for legal advice tailored to your situation. *

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About Brian Walker

B.Acc., GradDipLegPrac, Juris Dr Barrister & Accountant. Former Criminal Defence Solicitor. Former Federal Prosecutor for the Commonwealth Director of Public Prosecutions prosecuting Commonwealth crimes relating to drugs and child exploitation. Former Australian Federal Police member litigating proceeds of crime matters. Former Australian Taxation Office employee investigating offshore tax evasion matters.

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