delete Currency Regulations (Amendment)
Amends Currency Regulations to introduce additional compliance obligations, including enhanced reporting, licensing, and transaction monitoring for financial institutions and currency dealers, with the stated aim of strengthening anti-money laundering and counter-terrorism financing controls.
The amendment imposes significant compliance costs, particularly on small and rural businesses, with limited marginal benefit. It creates regulatory barriers that stifle competition, increase consumer costs, and divert resources from productive activities. The unseen consequences include reduced financial innovation, higher fees, and disproportionate burdens on remote operators, contradicting the principles of liberty and prosperity.