New Australian Government reporting requirements regarding the cross-border movement of funds

In 2006, new legislation was introduced to protect Australians from money laundering and the financing of terrorism.

Under this law, travellers entering or leaving Australia must, if asked by a Customs or police officer, disclose whether they are carrying bearer negotiable instruments (BNIs). BNIs include travellers cheques, cheques, money orders, postal orders or promissory notes.

The separate requirement for travellers to declare that they are carrying $10,000 cash or more (or foreign currency equivalent) in or out of Australia still applies.

The Australian Transaction Reports and Analysis Centre (AUSTRAC) is Australia's anti-money laundering and counter-terrorism financing regulator and specialist financial intelligence unit.

Visit www.austrac.gov.au for more information.