The European Parliament and member states adopted a new rule on cash payments on Thursday. From now on, the transaction cap is set at 10,000 euros in 27 member countries. The measure will come into force in the coming days.
It’s now official: the European Parliament concluded an agreement with European Union states on Thursday January 18, 2024, to regulate cash payments. This will no longer be tolerated above 10,000 euros. So large wads of notes will not pay much. In fact, the move will upset some countries more than others, notably Germany and Austria, where cash payments have so far been unlimited, unlike others such as France, where more stringent rules have already been in place for some time.
The move is aimed at harmonizing disparate rules between EU member states. This is a measure that ” It will ensure that fraudsters, organized crime and terrorists no longer have the opportunity to launder their profits through the financial system. “, said Finance Minister Vincent van Peteghem of Belgium, which currently holds the rotating presidency of the EU Council. For her part, the European Commissioner for Financial Services, Financial Stability and Capital Markets Union, Mairead McGuinness, welcomed the agreement, saying, ” An important step in the fight against dirty money in the EU ».
Indeed, the new provision adopted is part of a wider system, which reflects more than two years, and which will soon be put in place with the aim of strengthening controls around suspicious and hidden financing for the purpose of terrorism or dirty laundering. Money With this in mind, many institutions to which the measure has been extended will now be concerned, such as banks, real estate agencies and casinos.
The new rules will allow for better identification of criminals and beneficiaries of transactions, particularly those involving large sums of money in luxury goods markets, such as jewelry, luxury watches, high-end cars, private jets and yachts. The new text also covers financial transactions made in cryptocurrencies. It should be noted that the implementation of this new system will affect professional football clubs as well as field players. However, this will not happen immediately, as the latter is given a five-year transition period, which brings the implementation of the measure in the field of professional football to the year 2029.
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