The EU will ban cash payments over 10 thousand euros

19.01.2024 The European Union will ban cash payments in the amount of more than 10 thousand euros. These and other anti-money laundering initiatives have been proposed by the European Commission.

According to the website of the EU Council, the Council and the EU Parliament have concluded an agreement on combating money laundering and terrorist financing. Individual EU countries will be able to set an even lower bar if desired. The decision on the introduction of the limit will have to be approved by national governments.

In addition, sellers of luxury goods will be required to verify the identity of their customers and report suspicious transactions to the authorities. Stricter rules will be applied in the sales of jewelry, luxury cars, private jets, yachts, as well as donations to football clubs and cryptocurrency.

National authorities will be responsible for compliance with the new rules in coordination with the new European Anti-Money Laundering Agency. A decision has not yet been made on where the headquarters of the new organization will be located. It is expected that this will be Frankfurt am Main.

As noted in the European Commission, a number of EU countries already have regulations prohibiting large cash payments. For example, in Greece the maximum amount is 500 euros, in the Czech Republic — 270 thousand crowns — about 10.5 thousand euros.

Link to source: https://www.europarl.europa.eu/news/en/press-room/20240117IPR16880/deal-on-a-single-rulebook-against...