ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 53 Reports about movements of monetary instruments into or out of Australia

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 53

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).