Australia criminalizes cash purchases over $10K

The Australian government has announced that, starting in July 2019, it will be unlawful to conduct a cash transaction of more than 10,000 Australian dollars (US$7,500).

"This will be bad news for criminal gangs, terrorists and those who are just trying to cheat on their tax or get a discount for letting someone else cheat on their tax," Treasurer Scott Morrison was quoted by as saying.

The aim of the new regulation might be to curb black market trade, but legitimate businesses are not happy about the restriction.

"It's going to screw me — 95 percent of my business is cash collections," Paul Thomas, owner of a cash-in-transit company, told "On a monthly basis, we could process and move up to $4-5 million — either picking up cash, processing and EFT-ing it to customers' accounts, or recarrying it from customers to their bank branch."

Topics: Regulatory Issues, Transaction Processing, Vault Cash / Cash Management

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