News

Proposed EU €5,000 Cash Ban Would Have Uncertain, Uneven Impact

By Koos Couvée

An EU-wide limit on cash payments of more than €5,000 could ease the ability of banks and other institutions to monitor and offload high-risk clients, but may not necessarily force criminals to rely on more traceable finances, sources told ACAMS moneylaundering.com. The finance ministers of the Netherlands, France, Italy, Belgium and Spain urged the EU's executive branch, the European Commission, in a 3-page "non-paper" Monday to pursue a more "ambitious" plan than the bloc's current proposal to prohibit cash payments for all goods and services above €10,000. "The absence of a ceiling ... in certain member states and the rather...

TO READ THE FULL STORY