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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."
The financial services minister argues that currently the status quo "gives some businesses an unfair competitive advantage."
If you're already engaging in an illegal transaction, money laundering, etc... why would you let the fact that paying over $10K in cash is illegal stop you?
Your local Lamborghini dealer is probably not going to get involved in that. What the criminals will do is find some homeless person, set them up with a bank account, and work through them.
Yes, just like in the United States, for example, Form 8300 and Reporting Cash Payments of Over $10,000.
Patent litigation: A doctrine of Mutually Assured Destruction... in which everyone seems willing to push the button
America sure is different than the rest of the world. In most developed places, if you even had 90,000 dollars cash on your person or in your house, it would be assumed to come from illegal means.
Hell i can't even take more than $2000 dollars out of the ATM per day.
rich people problems... Austrailia has a big problem with housing speculators, hot asian money, etc. So thats more likely the reason for this decision. Who the hell walks around with 90,000 dollars... where would you even get that much cash? If you are super rich can you just walk into the bank and say "give me a $100k in 20s, here's a suitcase" ??? man i simply cannot picture this world you live in... not sure if its because i'm super poor or not american or what this time.
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Money laundering is taking proceeds of crime and funnelling them through an otherwise legitimate business in order to disguise their origin.
That's everywhere except the US.
There it's become a thing that they just tag onto other offences to get a higher sentence and/or pressure the defendant into a plea bargain.
Confucius say, "Find worm in apple - bad. Find half a worm - worse."
Read the article.
Check your assumptions.
It sounds heavy-handed, but anything over 10K needs to be done by cheque/check or electronic payments. When was the last time any legit small store had 10,000$ in the actual building in cash? Never.
Happens all the time. Legit outfits too. Just like civil forfeiture happens to innocents too, and they typically don't get their money back, n'mind reimbursed for the damage, or even an apology. A dropped charge and lingering stigma is usually the only thing you get for all the trouble.
That many criminals also prefer (or have to) keep large amounts of cash on hand does not change that.
And again, even a couple thousand a month can be labeled as "structuring", because who knows, maybe they're "part of a money laundring network". Or some other "reasoning" from "law enforcement". They'll think of something because they aren't in this game for justice, they're in the game to "produce convictions", thereby proving their right to exist and securing their budget for next year. It's quite telling that lots of civil forfeiture ended up strengthening the budget of the seizing enforcement agencies. The "thinking" behind this is quite clear and has nothing to do with going after crims. For some it's about the dosh. For a national government, it's entirely about control.
Nearly everyone pays by credit if given the opportunity, and cash only when it's items under $5.
That easily changes with the location and the demographic. Some like their credit cards too much. Elsewhere the situation is different. Even inside the USA, perhaps moreso outside. Wildly different.
I for one used to keep six months rent+food cash on hand, for no other reason than that a government agency once stole one of my bank accounts (over them making unwarranted assumptions; that happens too) and I didn't want to run the risk of not being able to pay rent before another account theft might get resolved. Now, I'm just broke, but if I came into money again, I'd do exactly that again. That's all entirely legitimately hard-earned, all-taxes-paid, money in the house and I'm not even a merchant.
I say your entire post consists of your assumptions based on anecdotes, which aren't evidence.
When was the last time any legit small store had 10,000$ in the actual building in cash?
I see you've never worked in a city centre pub at a weekend.