Show and tell rules may apply to travellers cheques

Anyone entering or leaving Australia must show their travellers cheques to police or customs officers when asked, or they could lose them under proposed anti-terrorism laws. While existing laws require people to tell officers if they are taking more than $10,000 worth of cash in or out of Australia, new financial transaction reporting requirements attached to the anti-terrorism legislation are causing concern to the Australian Bankers' Association. The bankers association is concerned at inconsistencies between what the industry had agreed on in the anti-money laundering regime and the laws in the anti-terrorism bill.

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