In this case, it does not say “notwithstanding the Privacy Act”, so it's to work in a complementary fashion with the Privacy Act. The Privacy Act is not ousted here. What it does is provide government with an opportunity to work with other governments, including our own provincial governments, when a serious danger comes up and needs to be shared with another government so that appropriate policies and interventions can be taken.
On October 19th, 2010. See this statement in context.