Ban on cash purchases over $10,000 to become law | — Australia’s leading news site

Cash payments over $10,000 are set to be banned in Australia, in a Bill set to pass federal parliament despite concerns within both major parties.

Under the proposed legislation those caught using cash above that limit would be made to carry out a two-year jail sentence, in an aim to crack down on crime syndicates that launder money through the black-market economy.

The minister in charge of the Bill, Assistant Treasurer Michael Sukkar, said the laws were a recommendation from the Government’s Black Economy Taskforce as a means to prevent criminal gangs using large cash purchases of cars, houses and jewellery to launder their gains from illegal activities.

“The key focus of the Bill is reducing the ease with which organised crime gangs can operate throughout the country,” Mr Sukkar said.

By: Natalie Brown

Read Full Article