Illegal to purchase anything over 1,000 Euro using cash!

[Copper Catcher]

Ok, today I was reading this article on Zero Hedge titled: Europe – Here is What the Wealthy are Doing: http://www.zerohedge.com/news/2014-07-2 ... -are-doing

As I am reading I see a line that states: "It is no surprise that cash withdrawal limits are being implemented across Europe, and cash transactions of more than a fleeting amount are actually being banned. Yep, it is actually illegal to purchase anything over 1,000 Euro using cash."

I stop and read the line again…. Then Googled to do the conversion: 1000 Euro equals approximately $1,345.08 US dollars.

Then I thought…this can’t be true can it…So again, I looked online and found various other articles:

France Plans To Prohibit Cash Payments Over €1,000
http://www.forbes.com/sites/jonmatonis/ ... ver-e1000/

HSBC won't give me more than £1k over the counter even after I warned them I needed it – can they block me from my own cash?
Read more: http://www.thisismoney.co.uk/money/expe ... z38Thky9Cx

Think for a moment, if in the US the passed a law that said in order to crack down on crime we are going to make it illegal for you to buy anything using cash up to or over $1000! It does not matter if you legally earned it or not you can’t use it!

The twisted logic would be if you oppose this you must be a criminal; surely you want to stop illegal activity? Don't you? So, for the good of everyone we must pass this law. If you think this is not coming to a bank near you sooner than later, I'd think you were mistaken.

It makes you wonder what Vegas will do? I guess every slot machine and table will have a credit card reader. Almost all the slots now are run off a server based system so the conversion want be as hard as you might think. UGH!

[Copper Catcher]

Current US Law.....

8. Reportable Transactions

The CIP Rule does not require financial institutions to report your dealings to the government. However, sections of the Bank Secrecy Act do require transactions over a certain dollar amount to be either reported to the Financal Crimes Enforcement Network (FinCEN), a branch of the U.S. Department of the Treasury, or documented by the bank. Reporting requirements may vary depending on the type of financial institution. FinCin provides the following general examples of transactions that should be reported.

•Any transaction over $2,000 if the bank is suspicious. The company must file a Suspicious Activity Report (SAR).

•All cash-in or cash-out transactions over $10,000 with the same customer in the same day. The company must file a Cash Transaction Report (CTR).
•Money orders or travelers checks of $3,000 to $10,000 to the same customer in the same day. The bank will keep a record. Transactions over $10,000 would trigger a CTR.
•Money transfers of $3,000 or more to the same customer in the same day. The company must keep a record.
•Currency exchanges of more than $1,000 to the same customer in the same day.

The U.S. Office of Comptroller of Currency, the agency that oversees national banks, notes that reporting is required "...at specified thresholds, or transactions over $5,000 that they suspect involve money laundering ..." Rules that apply to SAR Reports for national banks can be found at 12 CFR 21.11. Reporting requirements for other depository institutions such as credit unions and state chartered banks may vary depending on the rules adopted by the oversight agency.

National banks and other depository institutions are not the only "financial" companies required to file SAR Reports. SAR reporting requirements also apply to the following:

•Casinos


•Money services businesses (dealing in e.g. transactions in money orders, travelers checks, money transmissions, check cashing, currency exchange.)


•Insurance


•Securities/futures


•Precious metals/jewelry


•Mortgage company/broker


FinCEN provides information and guidance for all financial industries subject to SAR reporting.

Cash payments of $10,000 or more must also be reported to the IRS on Form 8300, www.irs.gov/pub/irs-pdf/f8300.pdf. The person or business that receives the cash is the one responsible for filing the form. However, if you are the purchaser, you will also have to supply some personal information.

If, for example, you purchase a car for over $10,000 in cash, you will be asked to provide certain information, either to a dealer or another individual such as the loan officer. The form requires that certain personal information be obtained from you. This includes:
•Name
•Address
•Date of birth
•Social Security number
•Occupation

The company reporting to the IRS must also verify your identity and report a description of the documents that were used.

Reporting on IRS Form 8300 is required for a number of different transactions, including:
•Personal or real property purchased.
•Personal services provided.
•Business services provide.
•Intangible property purchased.
•Debt obligations paid.
•Exchange of cash.
•Escrow or trust funds.
•Bail received by court clerks.

Cash means U.S. and foreign currency, a cashier’s check, money order, bank draft, or travelers checks. IRS Form 8300 states: “Cash does not include a check drawn on the payer’s own account such as a personal check, regardless of the amount.”

Source: https://www.privacyrights.org/customer- ... ansactions

[IdahoCopper]

For now, cash does not include bitcoin.

[aloneibreak]

i cant remember the last time i even HAD $1000 cash, let alone spent it...

[coppernickel]

The argument is to stop illegal actions and black market trading.

The reality is the taxes, monitoring and bank fees.

Many people see peer to peer as the future, they foresee the day when money will be cyber with NO physical presence.

There is a reason there are only a few on this forum.

[68Camaro]

Hard to believe we're still in the USA. My grandfather would just be beside himself, and I can hardly stand it myself, but the main issue is no one cares and you can't convince them there is reason to.

[slickeast]

Could you imagine if that was the law here. No cash payment for any transaction of $1000 or more. Don't buy a high end flat screen and try to pay cash. That used car that you saved up for that is $1500. Nope, don't even think about bringing in cash.

How would this work at a coin show?

[fansubs_ca]

Funny thing, I have several VCRs that each cost over $1000, 3 were mail order so they were
paid by a credit card, but 2 were bought locally and paid in cash. Of course this was back in
the 90s.

They were used for illegal activities...but somehow I don't think infringing the copyright
on foriegn made cartoons that had no official English language release is exactly a high
priority crime... ^_- I'm pretty sure my web page gave a clearer trail of what I was
doing than any financial transactions anyways...

As a hobby activity any "extra" money got plowed back into equipment, funding
fansubbers, etc. I could never afford that kind of equipment on my own money.
So like aloneibreak I fall into the catagory of not having enough money to be
affected by these rules...yet...I'm sure inflation will one day nesseccitate filing
a cash transaction report for a Timbit purchase.

[Tourney64]

It would impact us at RealCent if implemented here in the US. You could only get 2 boxes of half dollars to search thru.

[Morsecode]

The Exchange of Cash one is interesting. Would that include coin counters at the bank? I've seen more than a few people in line ahead of me cash in multiple thousands, and never saw forms being filled out.

I'm sure these regs exist...as shown in the 2nd post...but are they really being enforced? Twice in 2006, I did cash transactions well over 10 grand at two different banks. Far as I know there was no paperwork. I certainly didn't sign anything or file a form whatever later on.