‘Orwellian new law’ seeks to ban cash transactions over $10,000

**Loki** · 03-19-2020, 03:13 PM

**frankhammer** · 03-19-2020, 03:19 PM

All cash transactions over 10k need to be reported here in NZ. It has been this way for a while. It isn't banned but in this age of digital technology, there no need to go that far.
Banks report consistent deposits of cash under that figure too. Anti-corruption and money laundering legislation in action.

Plenty of dodgy foreigners and organised crime/gang members ending up before the courts thanks to it.

**Loki** · 03-19-2020, 08:07 PM

Originally Posted by frankhammer

All cash transactions over 10k need to be reported here in NZ. It has been this way for a while. It isn't banned but in this age of digital technology, there doesn't seem to go that far.
Banks report consistent deposits of cash under that figure too. Anti-corruption and money laundering legislation in action.

Plenty of dodgy foreigners and organised crime/gang members ending up before the courts thanks to it.

Undoubtedly there are benefits to these measures, like catching criminals... but in the long run, the majority law abiding citizens are having their liberties eroded, and are sleepwalking into an orwellian authoritarian society, which will be cashless and totally controlled by the government. This is not something I'm looking forward to...

**~~JamesBond007~~** · 03-19-2020, 08:18 PM

If they tried to pass that law in America I would know exactly what to do . Use an anonymous laptop, with my hacker skills, pay people to purchase a bunch of certain kinds prepaid gift cards then buy bitcoin anonymously then buy diamonds, with bitcoin, from the diamond district in New York city, Fly out of the country with the diamond(s) and do my transactions for cash there etc...

**Loki** · 03-20-2020, 11:40 AM

Originally Posted by JamesBond007

If they tried to pass that law in America I would know exactly what to do . Use an anonymous laptop, with my hacker skills, pay people to purchase a bunch of certain kinds prepaid gift cards then buy bitcoin anonymously then buy diamonds, with bitcoin, from the diamond district in New York city, Fly out of the country with the diamond(s) and do my transactions for cash there etc...

What would you do with the diamonds? Who would buy it? Diamonds are not very liquid like gold.