EU Commission planning limit of EUR 10,000 for cash payments

Thursday 22 July 2021 13:14 CET | News

The European Commission has announced plans for an upper limit of EUR 10,000 on cash payments as part of their new anti-money laundering package. 

In a press conference, Austrian Finance Minister Gernot Blümel opposed the Commission's plan and supported this through a survey showing Austrian citizen’s fondness of cash. According to Blümel, they reject a general upper limit and thus a criminalisation of cash, as he states cash gives people a feeling of security, independence and freedom, which he wishes to preserve.

According to European Commissioner for Financial Services Mairead McGuinness, money laundering is a clear and present threat to citizens, democratic institutions and the financial system. He states the problem should not be underestimated and loopholes for criminals should be closed. According to a survey by the Austrain Ministry of Finance, 80% of those questioned an upper limit for cash payments very much and a further 12% are rather skeptical. According to the plans of the Commission, a separate anti-money laundering authority will be created, which is to start operating in 2024. This will require the crypto asset sector to be subject to anti-money laundering regulations in order to increase traceability.

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Keywords: European Commission, cash, payment processing, AML
Categories: Payments & Commerce
Countries: Europe
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