Purchases Over 10 Thousand Dollars Are Soon Illegal in Australia
Aussie government has been fighting this war for a long time now. Their latest idea to increase power is making cash purchases over 10 thousand dollars worth illegal. This means that people who want to buy expensive items have to use electronic banks or cashier checks in the future.
Government officials claim it is all in the name of fighting money launderers and organized crime in general. This is yet another method developed by Australian’s Black Economy Standing Taskforce. So far there has been over 300 million dollars allocated to the Tax Office to fight the “good cause”.
Black Economy Standing Taskforce’s treasurer Scott Morrison said there will be rigorous identification system and also there will be “mobile strike teams” who are helping to detect citizens who are making suspicious money transactions.
Just weeks ago government opened hotline where people can report each other for being involved in suspicious activities, such as buying things with over 10 thousand dollars in cash… The ban on larger cash purchases will be in full effect starting from July 1st 2019.
But not only Australians are fighting cash transactions. In United States ex U.S. Treasury Secretary and Harvard president Larry Summers tried hard to abolish 50 and 100 dollar bills and almost succeeded doing so. There have been rumors that 500 euro bill in Europe will soon be history.
Governments tell you that the reason for all this is to fight black economy and criminals but the reason might as well be that governments actually want more control over us and making cash transaction illegal gives them just that.