Australia: Treasury Consults on Currency (Restrictions on the Use of Cash) Bill 2019

On July 26, 2019, the Australian government launched a public consultation on the Currency (Restrictions on the Use of Cash) Bill 2019, which, as noted in the explanatory memorandum, introduces offences for all entities that make or accept cash payments of A$10,000 or more.

The government is seeking to ensure that entities cannot make large payments to avoid creating records of the payment and facilitating their participation in the black economy and undertaking related illicit activities.

The bill does not impose any additional reporting requirements on businesses and consumers.

In case of non-compliance, the bill provides for a maximum penalty of up to two years imprisonment and/or 120 penalty units (A$25,200).

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