AUSTRALIA TO BAN CASH PAYMENTS OVER $10,000

On 3 February, ZD Net reported on a proposed Bill that, if passed, would essentially block the purchase of goods over AU$10,000 via cash and would also introduce offences for entities that make or accept cash payments of AU$10,000 or more.  Under current law, businesses that provide certain “high risk” services must report cash payments for goods and services of AU$10,000 or more; and a person entering or departing Australia must declare amounts of physical currency of AU$10,000 or more.

https://www.zdnet.com/article/australia-to-ban-cash-payments-over-au10000-in-the-name-of-thwarting-crime/

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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