Commonwealth Consolidated Acts

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 59

Reporting requirement

             (1)  If, under section 200:

                     (a)  a person produces to a police officer or a customs officer one or more bearer negotiable instruments that the person has with him or her; or

                     (b)  a police officer or a customs officer conducts an examination or search and finds one or more bearer negotiable instruments that a person has with him or her;

the officer may require the person to give the AUSTRAC CEO, a customs officer or a police officer a report about the bearer negotiable instruments immediately.

Requirements for reports under this section

             (2)  A report under subsection (1) 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.

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

Offence

             (3)  A person commits an offence if:

                     (a)  the person is subject to a requirement under subsection (1); and

                     (b)  the person engages in conduct; and

                     (c)  the person's conduct breaches the requirement.

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

Civil penalty

             (4)  If a person is subject to a requirement under subsection (1), the person must not engage in conduct that breaches the requirement.

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

Note:          Division 8 of Part 15 sets out special enforcement powers relating to this section.