AUSTRALIANS who try to use more than $10,000 in cash to buy goods will be banned under a crackdown by the Federal Government aimed at stopping money launderers and organised crime.
The Government last night announced the plan to make it illegal to use more than $10,000 in cash to buy anything.
Those wanting to spend up big will have to use either electronic transfer services or a cheque to make a purchase.
It is understood there was a push-back within the Government at the $10,000 limit, with some West Australian MPs arguing it should be higher.
However, in the wake of the Commonwealth Bank’s money laundering allegations, which involved the withdrawal of more than $10,000 through ATMs, the Government stuck with the new limit.
It will apply to purchases of goods and services from businesses. Transactions with financial institutions or between consumers for non-business transactions will be exempt.
Revenue Minister Kelly O’Dwyer said the limit would start from July 1 next year.