The Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment (Cross-border Movements) Instrument 2022 commenced on 16 June 2022 to facilitate the reforms to Part 4 of the AML/CTF Act which commenced on 17 June 2022.
The Anti-Money Laundering and Counter-Terrorism Financing and Other Legislation Amendment Act 2020 also amended the Proceeds of Crime Act 2002 and the Surveillance Devices Act 2004 to create a single reporting requirement for the cross-border movement of monetary instruments, which include physical currency and bearer negotiable instruments (BNIs), such as travellers’ cheques.
The Instrument amends the Anti-Money Laundering/Counter-Terrorism Financing Rules to repeal Chapters 24, 25 and 26, substitute a new Chapter 24 and amend Chapter 34 to cover movements of physical currency, receipts of physical currency and movements of bearer negotiable instruments into or out of Australia.
Chapter 24 supports the implementation of the reforms to Part 4 of the AML/CTF Act, by setting out:
a. the information to be contained in a report about movement of monetary instruments into or out of Australia, submitted by a person moving the monetary instrument (the traveller);
b. the information to be contained in a report about movement of monetary instruments moved into Australia, submitted by a person receiving or sending the monetary instrument; and
c. the timing rule for the submission of a report about movement of monetary instruments into or out of Australia.
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Author: David Jacobson
Principal, Bright Corporate Law
About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.