Australia To Ban Cash Purchases Over $10,000 (theguardian.com)

Long-time Slashdot reader skegg writes: Last night was federal budget night in Australia, and one of the announcements means Australians will face a crackdown on cash-in-hand payments in an attempt by the government to reduce money laundering and tax evasion. The government has turned its attention to the "black economy" in an attempt to raise billions of extra dollars and intends to limit cash payments for purchase goods and services to $10,000.
The financial services minister argues that currently the status quo "gives some businesses an unfair competitive advantage."

Comments

Simple solution:

[Alain Williams]

Transaction 1: $10,000 buy the car wheels and chassis; Transaction 2: $10,000 buy the engine; Transaction 3: $10,000 buy the rest of the car.

Re: Simple solution:

[Anonymous Coward]

Yeah, criminals are known for their strict adherence to the law.

Money laundering and tax evasion laws just need to be enforced. Adding more laws when you are already slacking is just an excuse for more slacking. This doesn't help it just punishes normal people. The criminals have their own ways and already operate outside the law.

Well, good luck attracting drug kingpins then

[elrous0]

They're all moving back to Miami, where you can buy a mansion with a suitcase full cash still. The real estate agent will even agree to clean the coke dust off for free.