The war on cash is a growing collection of laws and banking regulations that discourage or prevent citizens from doing business in physical currency. Last month, we reported on new laws in France that will limit the size of cash transactions. On a smaller scale, the state of Louisiana has recently made it illegal to use cash when transacting secondhand goods. For years now, American banks have been required to file “Suspicious Activity Reports” when cash transactions or withdrawals of more than $5,000 occur.
According to lawmakers, these regulations ostensibly ensure that business transactions are properly reported and taxed. They don’t want any potential tax revenue slipping through the cracks. They tell the public that these laws will help to prevent white collar crime, organized crime, and terrorism.
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