With the holidays approaching, AUSTRAC (the Australian Transaction Reports and Analysis Centre), Australia ‘ s anti-money laundering and counter-terrorism financing regulator and specialist financial intelligence unit, is working with Australian Customs to ensure travellers are aware of the new rules relating to the cross-border movement of funds.
Under new legislation, travellers entering or leaving Australia must, if asked by a Customs or police officer, report whether they are carrying bearer negotiable instruments (BNIs) such as travellers cheques, money orders, postal orders or promissory notes.
The separate requirement for travellers to declare if they are carrying $10,000 cash or more (or the foreign currency equivalent) still applies.
If a traveller is asked to report their bearer negotiable instruments, they may be asked to fill out a Cross-Border Movement – Bearer Negotiable Instrument form, which will be given to them by a Customs or police officer. This usually occurs at the Customs examination area.
A traveller may also be asked to complete the form when a Customs or police officer conducts an examination or search and finds a bearer negotiable instrument which a person has with them.
AUSTRAC Chief Executive Officer Neil Jensen says, “The legislation was introduced in December 2006 and will play a key role in deterring money laundering and terrorism financing.” “ Money laundering is a serious issue; a recent report estimated it costs the Australian community $4.5 billion each year.”
Information on the new laws is available at airports through signage, and brochures available from Customs officers.
In addition travellers can visit the AUSTRAC website or call the AUSTRAC Help Desk for more information.
A Report by The Mole
