Confiscation

Australian Government to Seize Cash from Inactive Bank Accounts

HOUSEHOLDS face losing up to $109 million from their family savings as the Federal government moves to seize cash from inactive bank accounts.

Liberty Blitzkrieg,

26 February, 2013

The more desperate, bankrupt and degenerate government becomes, the more they will move to seize the assets of their citizenry.  This move by Australia is very concerning, but probably just the beginning.  Recall, I recently wrote about how the U.S. government is already looking at interfering in the management of retirement accounts.  From the Herald Sun:

HOUSEHOLDS face losing up to $109 million from their family savings as the Federal government moves to seize cash from inactive bank accounts.

After legislation was rushed through parliament, the government will from May 31 be able to transfer all money from accounts that have not been used for three years into their own revenues.

This will mean that accounts with anything from $1 upwards that have not had any deposit or withdrawals in the past three years will be transferred to the Australian Securities and Investment Commission.

The previous legislation allowed for bank accounts to remain inactive for up to 7 years before the money was transferred to ASIC.

So why the change from seven to three years?  They need the money and they plan on taking what they need.  It’s that simple.

Australian Bankers Association chief executive Steven Munchenberg said there is no benefit for consumers from the changes.

“It is very hard to see why this needed to be rushed through but there have been suggestions it was done more for the government’s own financial circumstances rather than customers needs,” he said.

This cash grab comes as economists warn the government is on track to hand down a $15 billion budget deficit in May as company tax receipts collapse.

Expect more of this.  A lot more of it.

In Liberty,
Mike

See original article HERE.