For international flights/customs, there isn't anything in the Migration Act 1958 about gold. In Division 3.1 (Information to be given by arriving persons) of the Migration Regulations 1994 there is nothing about the interpretation of the wording on the passenger card, which says:
"AUD$10,000 or more in Australian or foreign currency equivalent? Note: If a customs or police officer asks, you must report travellers cheques, cheques, money orders or other bearer negotiable instruments of any amount."
Same wording on outgoing declaration:
"Are you taking out of Australia AUD$10,000 or more in Australian or foreign currency equivalent? If answered ‘Yes’ you must complete a Cross Border Movement – Physical Cash (AUD$10,000 or more) Report to present with this card. Note: If a customs or police officer asks, you must report travellers cheques, cheques, money orders or other bearer negotiable instruments of any amount."
The above requirements come from the AUSTRAC Act 2006, Section 53:
"53 Reports about movements of physical currency into or out of Australia
(1) A person commits an offence if:
(a) either:
(i) the person moves physical currency into Australia; or
(ii) the person moves physical currency out of Australia; and
(b) the total amount of the physical currency is not less than $10,000; and
(c) a report in respect of the movement has not been given in accordance with this section."
The definitions section in the AUSTRAC Act 2006 defines physical currency such:
"physical currency means the coin and printed money (whether of Australia or of a foreign country) that: (a) is designated as legal tender; and (b) circulates as, and is customarily used and accepted as, a medium of exchange in the country of issue."
would seem to exclude Perth Mint coins and bars as they don't circulate as money. That is, precious metals are not reportable at all, and face value has no bearing. To back up this view, see this interesting article by the Australian Institute of Criminology where the whole focus is on cash money laundering (includes great examples of how people try to smuggle cash and stats on the number of cash reports). I just don't think money laundering in/out of the country via bullion is a big risk that AUSTRAC are interested in - I mean, it is going to show up on the security scanners so can't actually be smuggled. See the AUSTRAC Typologies page where I can't find anything relating to gold. |
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