As of: January 20, 2024, 9:18 p.m
By: Karolin Schäfer
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Press
Split
In the future, everything can no longer be paid with cash in the EU.
The EU Commission has agreed on a new rule.
Kassel – Many people these days only pay with debit or credit cards.
Cash, on the other hand, is becoming increasingly unpopular in Germany.
Now the European Union (EU) is introducing a new, stricter cash measure that could affect some people, especially for larger purchases.
EU agrees on cash measure and sets upper limit
With the new rule, the EU wants to better combat money laundering and terrorist financing.
In the future, a so-called upper limit for cash payments will apply – across the EU.
The upper limit is set at 10,000 euros.
The EU Commission announced this in a statement on Thursday (January 18).
The member states would also have the option of setting a lower maximum limit or maintaining current limits.
According to the new regulation, anyone who wants to make cash transactions between 3,000 and 10,000 euros must identify themselves and prove where the money comes from.
This information must be collected and retained by traders and institutions.
Until now, this only applied in Germany from 10,000 euros.
“The preliminary agreement on an anti-money laundering regulation will fully harmonize the relevant rules across the EU for the first time and close potential loopholes used by criminals to launder illegally acquired funds through the financial system or to finance terrorist activities,” it said it from the commission.
The new cash rule affects numerous consumers, but also luxury retailers and football clubs
Before the regulation comes into force, there will be no limit for paying with notes and coins.
Before the agreement, Germany was critical of an upper limit.
In other countries, however, there are already upper limits for cash payments.
For example, in Belgium the maximum limit is 3,000 euros, in Italy it is 5,000 euros.
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The EU agrees on a cash limit.
© Jens Kalaene/dpa
Retailers of luxury goods, providers of crypto assets and professional football clubs will in future also be obliged to check their customers and report suspicious activities above certain sums.
However, the new EU regulation is not limited to purchases between consumers, but to payments between two companies and between companies and consumers.
Consumers also still have unlimited access to cash.
It is advisable to have some cash at home, especially in an emergency.
“End for the money laundering paradise of Germany”: In the future there will be a cash limit
The Greens had already called for stricter requirements for paying with cash after the verdict in the Cum-Ex tax scandal in spring 2023.
“The only way to end Germany’s money laundering paradise is to impose a cash limit,” said Bundestag member Bruno Hönel at the time.
The Federal Ministry of Finance, led by Christian Lindner (FDP), had been critical until the end.
“Cash must remain as an alternative to digital payments,”
Handelsblatt
quoted the ministry as saying.
The EU Commission law only needs to be formally passed.
It may take some time before the upper limit actually applies.
According to parliamentary information, the new rules should generally apply three years after they come into force.
After ATMs were blown up, a bank relies on cash pavilions.
In contrast, a savings bank no longer wants to accept cash.
(kas/dpa)