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

How can this curb illegal activity?

[ZorinLynx]

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?

Re:How can this curb illegal activity?

[hazardPPP]

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?

Not only that, I actually fail to see how this measure solves anything.

The people who are the *real* problem when comes to tax evasion and tax avoidance - the super-rich who keep their money in offshore tax havens and the global mega-corporations doing double dutch sandwiches and whatever - don't do cash transactions over $10K. They have their lawyers wire the money from the Cayman Islands to Macau, or whatever.

Ordinary folks that pay the car mechanic or the painter in cash to avoid paying taxes don't pay over $10K in those transactions, that's usually a few hundred or a few thousand dollars.

So this might only catch criminals that seek to buy things at a legitimate establishment, say a drug dealer who goes into a department store or a car dealership. Probably not a very large demographics.

Re:How can this curb illegal activity?

[rogoshen1]

Aussies have a very long history of losing their freedom. In fact, it might be one of the defining characteristics of their country.

Re:How can this curb illegal activity?

[Zaelath]

It's hysterical though to watch Americans talk about freedom while having civil forfeiture laws that lets cops steal money and put it literally in their own pockets as wages.

Re: How can this curb illegal activity?

[Bing Tsher E]

The 'blacks count as a fraction of a person' law that you mention was actually a rule forced on the slave states by the non-slave states. The northern states didn't want blacks to be counted as a whole person because that meant more representatives would be apportioned to the states with lots of blacks in them. The southern states wanted blacks counted as a whole (non-voting) human.

Re:Simple solution:

[countach]

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.

Re:Crypto Currency

[GumphMaster]

Yes, just like in the United States, for example, Form 8300 and Reporting Cash Payments of Over $10,000.

Re: Simple solution:

[Hognoxious]

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.

Re: Simple solution:

[Cederic]

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.