New EU legislation restricts cash payments to 10,000 euros

New EU legislation limits cash payments to a maximum of 10,000 euros, prompting a significant shift in financial practices. Concluded after two and a half years of negotiations, it aims to strengthen the fight against money laundering and terrorism financing. This development will affect various sectors, including transactions involving crypto-assets, the trade of luxury goods, and professional football clubs.

 

A radical change in legislation that may not be in the interest of some… On Thursday, January 18, the European Parliament and member states agreed to set the limit for cash payments within the European Union at 10,000 euros.

 

This measure is part of new legislation aimed at strengthening the fight against money laundering and terrorism financing. Concluded after two and a half years of negotiations, it will come into effect this year.

 

Some countries, like France, already had stricter rules regarding cash payments, limiting them to 1,000 euros at retailers. However, in other states such as Austria and Germany, cash payments remained unlimited until now.

 

Against money laundering and terrorism financing

 

The main objective of this legislation is to align existing, often disparate regulations across the 27 EU countries to detect and limit suspicious transactions.

 

This agreement “will ensure that fraudsters, organized crime, and terrorists will no longer have the opportunity to legitimize their profits through the financial system,” said Vincent Van Peteghem, the Belgian Minister of Finance, whose country holds the rotating presidency of the EU Council for six months.

 

Luxury and football impacted

 



To continue reading this article, subscribe or log in to your account

Discover our plans

Subscribe for 1€

Become an active member of the community of luxury leaders.


 

Read also>THE EUROPEAN LEGISLATOR, EAGER TO REGULATE THE USE OF DATA FROM GAFAM RELATED TO AI

Featured photo : © Unsplash

Picture of Hugues Reydellet
Hugues Reydellet
Hugues Reydellet is a young and passionate journalist whose favorite subjects are economy, culture, gastronomy, but also cars, and sports. With a sharp pen and an insatiable curiosity, Hugues is constantly on the lookout for new hot information to report.

Subscribe to our Newsletter

Sign up now to receive sneak previews of our programs and articles!

Launch offer:

Your participation in the Camille Fournet Masterclass reserved for annual subscriber !

Luxus Plus Newsletter