In 2009, police seized millions of yuan in cash hidden in the back of a Mercedes-Benz during an operation in West Sydney.
Although the Federal parliament House of Representatives passed a controversial legislation bill on Thursday banning people from paying more than 10, 000 yuan in cash, those who use more than 10, 000 yuan to shop in excess of the limit may be sentenced to up to two years in prison, but the Senate will vote after an investigation hearing because of strong opposition from many members of the public and lobbying groups.
According to the draft currency (use of cash restrictions) law 2019 (The Currency (Restrictions on the Use of Cash) Bill 2019, people will be forced to use electronic transfers or cheques when paying more than 10, 000 yuan. If you violate this rule, you can be sentenced to up to two years in prison and a fine of 25000 yuan.
The idea of the legislation bill, originally proposed by (Black Economy Taskforce), a federal government anti-black economic task force, was used as a way to prevent criminals and gangs from using huge amounts of cash to buy cars, house and jewelry to "whiten" the proceeds from their criminal activities.
Assistant Treasury Secretary Al-Sukar (Michael Sukkar) has argued that a maximum cash limit of 10000 yuan for transactions between companies and individuals would help combat cash economic, thereby curbing tax evasion, money laundering and other criminal activities.
"We know that large amounts of cash are critical to the business model of criminal gane," he said.
"the cash payment limit will also help combat organized criminal groups that try to whitewash the proceeds from manufacturing, selling drug and other serious crimes through legitimate economic."
"I look forward to working with the Senate to pass this important reform aimed at protecting honest Australians from deprive."
However, the federal government has also met with opposition from the ruling councillor. In addition, lobbying groups such as the Australian Federation of Commerce and Industry ((ACCI)), the Australian Institute of Accountants (CPA Australia), and the Institute of Public Affairs, (IPA), have also opposed the legislation bill.
Before the House vote on Thursday, a group of councillor said in a debate that it had received strong opposition from many communities, including fears that the legislation would restrict freedom and give authorities more control.
To this end, the Senate Bill Committee will hold an investigation into hearings and receive submissions from people and interest groups by November 15. The committee will submit its investigation report on February 7 next year.
