Commonwealth Numbered Acts

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 (NO. 169, 2006) - SECT 53

Offence

             (1)  A person commits an offence if:

                     (a)  either:

                              (i)  the person moves physical currency into Australia; or

                             (ii)  the person moves physical currency out of Australia; and

                     (b)  the total amount of the physical currency is not less than $10,000; and

                     (c)  a report in respect of the movement has not been given in accordance with this section.

Penalty:  Imprisonment for 2 years or 500 penalty units, or both.

             (2)  Strict liability applies to paragraph (1)(c).

Note:          For strict liability , see section 6.1 of the Criminal Code .

Civil penalty

             (3)  A person must not:

                     (a)  move physical currency into Australia; or

                     (b)  move physical currency out of Australia;

if:

                     (c)  the total amount of the physical currency is not less than $10,000; and

                     (d)  a report in respect of the movement has not been given in accordance with this section.

             (4)  Subsection (3) is a civil penalty provision.

Commercial carriers

             (5)  Subsections (1) and (3) do not apply to a person if:

                     (a)  the person is a commercial passenger carrier; and

                     (b)  the physical currency is in the possession of any of the carrier's passengers.

             (6)  Subsections (1) and (3) do not apply to a person if:

                     (a)  the person is a commercial goods carrier; and

                     (b)  the physical currency is carried on behalf of another person; and

                     (c)  the other person has not disclosed to the carrier that the goods carried on behalf of the other person include physical currency.

             (7)  A person who wishes to rely on subsection (5) or (6) bears an evidential burden in relation to that matter.

Requirements for reports under this section

             (8)  A report under this section must:

                     (a)  be in the approved form; and

                     (b)  contain such information relating to the matter being reported as is 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 subsection 54(1).

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).