Anti-Money Laundering and Counter-Terrorism Financing and Other Legislation Amendment Act 2020 (133 of 2020)
Schedule 1 Amendments
Part 5 Reports about cross-border movements of monetary instruments
Anti-Money Laundering and Counter-Terrorism Financing Act 2006
75 Divisions 1 to 3 of Part 4
Repeal the Divisions, substitute:
Division 1 - Simplified outline of this Part
52 Simplified outline of this Part
• Cross-border movements of monetary instruments must be reported to the AUSTRAC CEO, a customs officer or a police officer if the total value moved is $10,000 or more.
Division 2 - Reports about monetary instruments
53 Reports about movements of monetary instruments into or out of Australia
Offence
(1) A person commits an offence if:
(a) either:
(i) the person moves one or more monetary instruments into Australia; or
(ii) the person moves one or more monetary instruments out of Australia; and
(b) the sum of the monetary instrument amounts is $10,000 or more; and
(c) a report in respect of the movement is not given in accordance with this section.
Penalty: Imprisonment for 2 years or 500 penalty units, or both.
Civil penalty
(2) A person must not:
(a) move one or more monetary instruments into Australia; or
(b) move one or more monetary instruments out of Australia;
if:
(c) the sum of the monetary instrument amounts is $10,000 or more; and
(d) a report in respect of the movement is not given in accordance with this section.
(3) Subsection (2) is a civil penalty provision.
Commercial carriers
(4) Subsections (1) and (2) do not apply to a person if:
(a) the person is a commercial passenger carrier; and
(b) the monetary instruments are in the possession of any of the carrier's passengers.
(5) Subsections (1) and (2) do not apply to a person if:
(a) the person is a commercial goods carrier; and
(b) the monetary instruments are carried on behalf of another person.
(6) A person who wishes to rely on subsection (4) or (5) bears an evidential burden in relation to that matter.
Requirements for reports under this section
(7) A report under this section must:
(a) be in the approved form; and
(b) contain the information specified in the AML/CTF Rules; and
(c) be given to the AUSTRAC CEO, a customs officer or a police officer; and
(d) comply with the applicable timing rule in the AML/CTF Rules.
Note 1: For additional rules about reports, see section 244.
Note 2: Division 8 of Part 15 sets out special enforcement powers relating to this section.
Note 3: See also section 18 (translation of foreign currency to Australian currency).
54 Reports about receipts of monetary instruments moved into Australia
Offence
(1) A person commits an offence if:
(a) the person receives one or more monetary instruments moved into Australia to the person; and
(b) at the time of the receipt, the sum of the monetary instrument amounts is $10,000 or more; and
(c) a report in respect of the receipt is not given in accordance with this section.
Penalty: Imprisonment for 2 years or 500 penalty units, or both.
Civil penalty
(2) A person must not receive one or more monetary instruments moved into Australia to the person if:
(a) at the time of the receipt, the sum of the monetary instrument amounts is $10,000 or more; and
(b) a report in respect of the receipt is not given in accordance with this section.
(3) Subsection (2) is a civil penalty provision.
Requirements for reports under this section
(4) A report under this section must:
(a) be in the approved form; and
(b) contain the information specified in the AML/CTF Rules; and
(c) be given to the AUSTRAC CEO, a customs officer or a police officer; and
(d) be given before the end of 5 business days beginning on the day of the receipt.
Note 1: For additional rules about reports, see section 244.
Note 2: See also section 18 (translation of foreign currency to Australian currency).
55 Movements of monetary instruments into Australia
For the purposes of this Act, a person moves a monetary instrument into Australia if the person brings or sends the instrument into Australia.
56 Movements of monetary instruments out of Australia
(1) For the purposes of this Act, a person moves a monetary instrument out of Australia if the person takes or sends the instrument out of Australia.
(2) For the purposes of this Act, if:
(a) a person arranges to leave Australia on an aircraft or ship; and
(b) either:
(i) the person has a monetary instrument in the person's baggage, and the person enters a place at which customs officers examine passports; or
(ii) the person takes a monetary instrument into a place at which customs officers examine passports;
the person is taken to have moved the instrument out of Australia when the person leaves that place.
57 Obligations of customs officers and police officers
If a customs officer or police officer receives a report under section 53 or 54, the officer must forward it to the AUSTRAC CEO before the end of 5 business days beginning on the day of the receipt.