EU Moves Ahead with Proposals for Uniform Cash Limits

The European Union has announced a set of new directives to limit the amount of cash and crypto transactions in a move, it says, that will crack down on money laundering and terrorist financing.

The new limit for cash payments will be €10,000 in all EU member states. Any cryptocurrency transactions over €1,000, meanwhile, will face due diligence inquiries of the crypto-asset service providers (CASPs) facilitating them.

In addition to cash payments and cryptocurrencies, third-party financing intermediaries and those trading in precious metals, precious stones and cultural goods will also be subject to the regulation, as will jewellers, horologists and goldsmiths.

According to Zbynek Stanjura, the Czech Republic Finance Minister, ‘cash payments of more than €10,000 will be impossible. Remaining anonymous when buying or selling crypto assets will be much more difficult. Hiding behind several layers of corporate ownership will no longer work. It will be even more difficult to launder dirty money with jewellery or goldsmithing.’