Therefore per the rules of Privacy Act 1988, the directors of the company will be in breach of privacy as per Division 2 principle 15, principle 8.1, and principle 16(c) of the Privacy Act 1988. If the directors breach privacy as per the rules of the Privacy Act, the Criminal Code Act of 1995 will be applicable. The Director will be held liable for imprisonment for 25 years or life imprisonment according to Division 9 Rule 91.1 of the Act.
Therefore as per the Application of money laundering laws on to the facts of the case, it can be clearly seen that both the directors of the company can be held liable for money laundering as per the relevant sections of the Money laundering and Counterterrorism financing Act,2005. The action of both the Directors obtaining money from overseas clearly amounts to money laundering.
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