Requirement to declare currency remains unchanged
Travellers into and out of Australia are reminded that it is a legal requirement under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) to declare currency of AUD$10,000 or more (or foreign currency equivalent).
The advice comes from AUSTRAC, the Federal Government’s financial intelligence and regulatory agency, following a recent announcement by the Minister for Immigration and Border Protection that outgoing passenger cards will be removed from 1 July 2017.
AUSTRAC’s Acting CEO, Gavin McCairns, said the removal of the outgoing passenger card does not change the legal requirement for passengers to declare cash amounts above $10,000.
From 1 July 2017, travellers are required to either download the Cross-Border Movement – Physical Currency form from AUSTRAC’s website or obtain this form prior to their overseas departure at any international airport or seaport.
Completed forms must be handed to an Australian Border Force (ABF) officer prior to departure.
“Failure to report movements of physical currency is an offence under the AML/CTF Act and strict penalties such as fines and imprisonment can be enforced,” Mr McCairns said.
Further information for travellers can be found on AUSTRAC’s website.