Fact Sheet 13 - Financial Transactions Reporting Act 1996
The Financial Transactions Reporting Act facilitates the prevention, detection, investigation, and prosecution of money laundering, and the enforcement of the Proceeds of Crime Act 1991, by:
(a) Imposing certain obligations on fi nancial institutions in relation to the conduct of fi nancial transactions; and
(b) Requiring persons entering or leaving New Zealand to declare cash in their possession of $NZ10,000 or more.
What measures affect private and commercial shipping?What should be reported?What happens to the Border Cash Report?What are the penalties under the Act?NZCS 337 - Border Cash Report - $10,000 or More- What measures affect private and commercial shipping?
- It is the measure in (b) above that has direct application to the New Zealand Customs Service and the shipping industry as all persons arriving in or leaving New Zealand by yacht, commercial vessel, and cruise ship are required to fi ll in a Border Cash Report if they are in possession of $NZ10,000 or more. The Border Cash Report will be completed as part of entry or clearance procedures.
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- What should be reported?
The Financial Transactions Reporting Act defi nes cash as being ‘any coin or paper money that is designated as legal tender in the country of issue’. Persons arriving or departing New Zealand are not required to report travellers cheques, postal notes, bearer bonds or money orders.
It should be noted that the legislation does not prohibit the importation or exportation of cash sums amounting to $NZ10,000 or more. It merely requires such sums to be reported.
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- What happens to the Border Cash Report?
Completed forms are collected by the New Zealand Customs Service and forwarded to the Commissioner of Police.
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- What are the penalties under the Act?
- If no report is made, or if a false or misleading report is made, then the offender is liable to a monetary penalty not exceeding $2,000.
It is also an offence punishable by imprisonment of three months or a fine not exceeding $1,000 or both to wilfully obstruct an officer of Customs while they are carrying out their duties relating to the reporting of cash at a border.
For further information, contact your nearest offi ce of the New Zealand Customs Service, visit the Customs website www.customs.govt.nz, or call Customs on 0800 428786.back to top
- NZCS 337 - Border Cash Report - $10,000 or More
- NZCS 337 - Border Cash Report - $10,000 or More
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