Re: 鈥淢oney-laundering inquiry can have impact: expert,鈥� May 15.
Rather than spending large amounts of taxpayer money on a money-laundering inquiry, wouldn鈥檛 it be easier and more effective to require all transactions over $1,000 to go through a financial institution?
Cash is anonymous and invites all sorts of criminal behaviour. Whether the funds are profits from illegal activities or just people trying to avoid scrutiny by the tax man, it costs us all in the long run.
Some of this money is coming in from abroad, but much of it is the result of today鈥檚 burgeoning underground economy. This tax avoidance is costing our governments billions.
To make up for this shortfall, honest citizens end up paying ever higher taxes. At the same time, those honest taxpayers have to compete in the market place with criminals and tax cheats.
By limiting the size of transactions that can legally be conducted using cash, the opportunity for money laundering and tax evasion would be greatly reduced.
S.I. Petersen
Nanaimo
