Nothing new really. Customs already check for any cash movement of this amount when going in and out of country. Banks already have limits in place. IRD already knows your accounts. 

Now lower limits, meaning far more transactions (95% of which will be perfectly lawful) and far more sensitive data going to the Police with no warrant, no suspicion, no oversight - and do you trust them to keep all that safe?

Sounds a bit like the Police mandating storage of all SMS messages - it only catches out the dumb people who still use SMS to organise a crime. If you just transfer smaller amounts you will not be subject to reporting.

sbiddle:

 

Sounds a bit like the Police mandating storage of all SMS messages - it only catches out the dumb people who still use SMS to organise a crime. If you just transfer smaller amounts you will not be subject to reporting.

 

It will take you a long time to shift that $10 million in $999 lots...!

Also I imagine they would flag endless low transactions as suspicious eventually.

I'm not sure I agree with it on principle to be honest - it is akin to forcing all drivers to fit alco-locks because a tiny majority drive when over the limit, or banning certain religions from flying because a small number cause issues or something like that.

I think that the authorities ought to have some evidence to support a warrant before they can just hoover up this information.

freitasm:

 

Nothing new really. Customs already check for any cash movement of this amount when going in and out of country. Banks already have limits in place. IRD already knows your accounts. 

 

IRD don't know your accounts unless you tell them or they specifically request the bank check for accounts in your name.

cadman:

 

freitasm:

 

Nothing new really. Customs already check for any cash movement of this amount when going in and out of country. Banks already have limits in place. IRD already knows your accounts. 

 

 

IRD don't know your accounts unless you tell them or they specifically request the bank check for accounts in your name.

 

Similarly the police don't know your accounts until something happens that they know...

Police have never invaded my financial privacy. With those limits they never will, unless I win Lotto. Bigly.

Time to buy bitcoin.

cadman:

 

 

 

IRD don't know your accounts unless you tell them or they specifically request the bank check for accounts in your name.

 

Generally the bank requires your IRD number in order to deduct RWT on interest payments.

It wouldn't be a stretch to imagine this info is verified and shared with IRD.

Whether it is "mandatory" for the bank to require this information or differs by bank I don't know.. but probably.

Dratsab:

 

Police have never invaded my financial privacy. With those limits they never will, unless I win Lotto. Bigly.

 

$1000 is not that big a limit...!

Did I read a different article? The new rules are over $10k per transaction and not over $1k??

myndlyz:

 

Did I read a different article? The new rules are over $10k per transaction and not over $1k??

 

1k for international wire transfers

Stu: I can't see a problem with the new limits. The $1000 international transfers limit could be due to the huge number of people being scammed, as much as for other reasons.

Which would be fine if they would, or could do anything about it.

mdooher:

Stu: I can't see a problem with the new limits. The $1000 international transfers limit could be due to the huge number of people being scammed, as much as for other reasons.

Which would be fine if they would, or could do anything about it.