An important message for Chinese New Year travellers
16 January 2008
Are you travelling overseas this Chinese New Year to celebrate the beginning of the Year of the Rat?
If so, it is important that you know about new laws relating to taking funds in and out of Australia.
Under Australian law, there are now two different and separate requirements to report the movement of funds into and out of Australia. Funds can be either physical currency (cash) or non-cash money. The requirements are as follows:
- When entering or leaving Australia, if you are asked by a Customs or police officer you must now report whether you are carrying travellers cheques, personal cheques, money orders, postal orders, promissory notes or any other bearer negotiable instruments (BNIs) of any amount.
- You still need to always declare if you are carrying $10,000 cash or more (or the equivalent in foreign currency). The need to declare this amount of cash money applies to everyone entering or leaving Australia. Do not wait to be asked by a Customs or police officer before declaring this amount of physical currency.
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 Customs to ensure travellers are aware of this law.
AUSTRAC Chief Executive Officer Neil Jensen says that during Chinese New Year, travellers may be taking gifts overseas or returning to Australia with gifts of money such as cash, travellers cheques or money orders.
'Up to 110,000 travellers come to Australia from China, Hong Kong and Taipei during Chinese New Year. Some of those travellers may be carrying gifts of "lucky money".'
'It is important that they know about the law about bringing funds into and out of Australia. They should also make sure that any family members visiting them in Australia know about, and abide by, this law.'
There are no fees charged by AUSTRAC, Customs or the police for carrying, disclosing or reporting cash or bearer negotiable instruments. There is no limit to the funds that you can bring into or take out of Australia. Reporting these funds does not mean they will get confiscated. However, it is important for the Government to be aware of the movement of funds into and out of Australia.
These new reporting requirements were introduced under the Australian Government's Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
'This law is already playing a vital role in preventing money laundering, the funding of terrorism and major crime', Mr Jensen said.
What happens when you report these funds?
- When you declare that you are carrying $10,000 or more (or foreign currency equivalent) you will be asked to complete a Cross-Border Movement - Physical Currency $10,000 or more form. You will be given this form at the Customs examination area.
- If you are asked to report your bearer negotiable instruments, you may be asked to fill out a Cross Border Movement - Bearer Negotiable Instrument declaration form. A Customs officer or police officer will give you this form at the Customs examination area.
Signs and brochures are available at airports to provide travellers with information on this law.
Visit www.austrac.gov.au or call the AUSTRAC Help Desk on 1300 021 037 for more information.
