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Brio

NZ cracks down on cash

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 Brio    1,038

Police swoop on $10k bank account deals

 

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Banks will be forced to provide police with customer details on all cash transactions over $10,000 in a fresh crackdown on money laundering and the potential financing of terrorism.

Under new rules to be introduced from November, banks will give police sensitive information including names, locations and even phone numbers.

Police say it is a crucial step in gathering intelligence - but it has prompted fears of more erosion of privacy.

And banks say they can't rule out passing on the cost to customers in fee hikes.

 

Terrorism? Money laundering? Only by .gov.  Cash transactions are not taxable unless declared. I don't think the NZ gov gives a crap about anything but missing out on tax revenue.

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 Cinnamon    22,782

It's been that way here for a long time. If people are caught making multiple deposits under 10K for one transaction to avoid... whatever... the legal term is called "structuring". 

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 Guitar Doc    1,210

They are doing it because of the drug trade. P,  NZ's home made version of Meth amphetamine has been making drug dealers rich. They clamped down on weed so hard it drove people to harder drugs and they raised alcohol prices with taxes. Deliberate I would say as the NZ police used to turn a blind eye to Meth until it became a problem (30 years of pretending it didn't exist), they created it. NZ police is controlled by Freemasons, all the heads of the NZ police have been a Freemason. They did this. They wanted an armed police in NZ. Yes we don't have armed cops in NZ. Now they have Tasers and stab proof vests because of crazy meth heads.

We are virtually cashless in NZ. We have had the cashless option for 30 years. They tested it here. It is called Eftpost here.

 

Imagine this, it all goes cashless and it highly monitored. How you going to pay your dealer? With food, how many customers before they have all the food they can eat?

That is part of it. Makes running a black market harder. Small black markets trade in small value items. But bigger trades...you need some medium.

 

But look at the article only cash transactions not bank to bank transfers. Every crim who can read will just do $9500 transactions in one hit and they will be below the radar. This is gradualism. It is a pointless move because crims will just deposit less until the cops want to look at your bank accounts 24/7 because they still can't capture the drug dealers we tell them about every day along with their addresses. 

 

The Banks secretly provide details already to other companies. Not only that if you look at your bank contract you will see they are under no obligation to return to you money deposited in their bank. No-one reads that line very well I would suggest.

Previously people hid money in their TAB account. By gambling you could produce "legal" money and withdraw that but the accounts were private and could not be looked into. Or you could just have an Australian bank account and do it through another country and that money never entered NZ or would  be known to any NZ officials.  Trading of shares and Bonds is also another method of paying for large amounts of illegal goods and those are never looked at because people in big business are also using them to exchange goods and items and they don't like too much scrutiny.

Professional criminals use lawyers and have trust accounts which are really accounts set up in tax havens around the world by their lawyers. Their names never appear, just the lawyer's who creates a shell company, or holding company.

So they are tracing small time Joe.

 

In NZ you are taxed on your interest earnings in your bank as they are counted towards your total income. If you earn less than $10,000 a year you don't pay income tax.

Income tax was invented in the UK as a levi to pay for ships. They never dropped it. Saw the original document on a documentary called Empire of the Seas. People didn't pay income tax before then unless you count tithing in the Roman Catholic church.

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