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.