House Approves Legislation to Place $1 Million Limit on Cash Transactions
The Lower House, on Tuesday, October 15, passed changes to the Proceeds of Crime (POCA) Amendment Bill, which, among other things, places a limit of $1 million on cash transactions with financial institutions. Members on both sides of the House had argued for the limit to be raised from the originally proposed $500,000 to at least $2 million. The $1...