could purchases over 10k soon be illegal

posted by iheart staff -

The #Australian government announced that it will soon be illegal to use more than $10,000 cash to purchase anything, forcing individuals that wish to buy more expensive items to use a cashier’s check or electronic transfer, ostensibly in the name of fighting organized crime and money laundering. The move reportedly comes in response to the government’s Black Economy Standing Taskforce. In addition to the cash purchase ban, the government has allocated a $319 million package to the Tax Office to develop new strategies to target the black economy. Treasurer Scott Morrison said the Black Economy Standing Taskforce will include a rigorous identification system and “mobile strike teams,” in an effort to detect people making suspicious cash transactions, as well as a black economy hotline for citizens to report anyone suspected of engaging in illegal transactions. “Cash provides an easy, anonymous and largely untraceable mechanism for conducting #blackeconomy activity,” the response said. “Cash payments make it easier to under-report income and avoid tax obligations. This allows businesses transacting in cash to undercut competitors and gain a competitive advantage.” It said the task force had identified examples of “large undocumented cash payments being made for houses, cars, yachts, agricultural crops and commodities”, which contribute to the $50 billion black economy and “hurt honest businesses.” Revenue Minister Kelly O’Dwyer said the ban on cash purchases of more than $10,000 would begin on July 1 of next year. “This cash payment limit will capture high-value transactions and help stamp out opportunities for criminals to launder the proceeds of crime into goods and services, or for businesses to hide transactions to reduce their tax liabilities,” she said. This of course is not a phenomenon unique to Australia, as there is an ongoing international “#waroncash.” In the #UnitedStates, Larry Summers, a former U.S. Treasury Secretary and #Harvard president, pushed and effort during the #Obamaadministration to abolish $50 and $100 bills... 🖐🏾More in comments👇🏾#CashlessSociety #Technocracy #MarkOfTheBeast

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