Germany: cash transactions cap proposition raises public eyebrows

Proposals to ban cash payments of more than EUR 5,000 (GBP 3,860) to combat money laundering and the financing of terrorism were revealed by the German finance ministry at the beginning of February 2016, The Guardian reports. They face opposition from a broad alliance of political parties.

The Bild, a local newspaper, published an open letter on the 8th of February 2016 entitled “hands off our cash”, which, in keeping with the analogue theme, it encourages readers to sign, cut out and post to the finance minister, Wolfgang Schäuble, the source cites.

Political groups ranging from the Green party and the liberal Free Democrats to rightwing Alternative für Deutschland have condemned the proposed measures as an attack on data protection and privacy. “Cash allows us to remain anonymous during day-to-day transactions. In a constitutional democracy, that is a freedom that has to be defended,” tweeted the Green MP Konstantin von Notz, the source cites.