Commonwealth Consolidated Acts

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 54

Offence

  (1)   A person commits an offence if:

  (a)   the person receives one or more monetary instruments moved into Australia to the person; and

  (b)   at the time of the receipt, the sum of the monetary instrument amounts is $10,000 or more; and

  (c)   a report in respect of the receipt 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 receive one or more monetary instruments moved into Australia to the person if:

  (a)   at the time of the receipt, the sum of the monetary instrument amounts is $10,000 or more; and

  (b)   a report in respect of the receipt is not given in accordance with this section.

  (3)   Subsection   (2) is a civil penalty provision.

Requirements for reports under this section

  (4)   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)   be given before the end of 5 business days beginning on the day of the receipt.

Note 1:   For additional rules about reports, see section   244.

Note 2:   See also section   18 (translation of foreign currency to Australian currency).