Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (110 of 2024)

Schedule 7   Definition of bearer negotiable instrument

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

1   Section 17

Repeal the section, substitute:

17 Bearer negotiable instruments

(1) A bearer negotiable instrument is an instrument that is one of the following that is payable to bearer:

(a) a bill of exchange;

(b) a cheque;

(c) a promissory note;

(d) a bearer bond;

(e) a traveller's cheque;

(f) a money order, postal order or similar order;

(g) a negotiable instrument not covered by any of the above paragraphs.

(2) Without limiting subsection (1), an instrument is payable to bearer if the instrument:

(a) is endorsed without restriction; or

(b) does not express a payee; or

(c) is payable to a fictitious person; or

(d) is otherwise in such form that title to the instrument passes on delivery.