The European Commission has proposed to establish a limit on cash payments in the European Union at 10,000 euros, follows from the message on the EC website. The proposed measure is aimed at combating money laundering and terrorist financing.
“Money laundering poses a clear and real threat to citizens, democratic institutions and the financial system. The scale of the problem cannot be underestimated, and loopholes that criminals can exploit need to be closed, ”said Commissioner for Financial Stability and Financial Services, Maireed McGuinness, quoted in the message.
Some EU countries already have limits on cash payments, but their amounts vary, the message says. Such restrictions may remain in effect if they are below the EUR 10,000 mark.
Limiting cash payments in EU countries is part of a new package of initiatives of the European Commission. Other measures include the creation of an anti-money laundering body, whose tasks may include “coordinating national authorities to ensure that the private sector applies EU rules correctly and consistently” and facilitating financial intelligence agencies, as well as banning anonymous cryptocurrency wallets.
The package of initiatives of the European Commission will now be discussed by the European Parliament and the European Council. The future Anti-Money Laundering Authority (AMLA) may start operating in 2024, the EC stressed.
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