The European Union wants to introduce limits on cash payments. This is to prevent money laundering.
In order to counteract money laundering, the European Union intends to introduce an upper limit on cash payments in its member states. Above a certain amount, you can no longer pay with banknotes and a transfer will be necessary, Forsal informs.
In the future, the EU wants to ban cash payments above PLN 10,000. euro. According to the current exchange rate, this amounts to less than PLN 44,000. zloty. But that’s not the end.
All transactions in the amount of PLN 3,000 to PLN 10,000 euros are to be checked carefully, taking into account the identity of customers. Institutions are to report suspicious behavior when necessary.
The specific details are currently being agreed upon by the member states, but the idea is that individual countries will be able to impose even lower limits. Amount of PLN 10,000 the euro is to be an upper limit that cannot be exceeded.
The arrangements will apply primarily to financial institutions, banks, casinos, real estate agencies and traders.
This also means limits when purchasing luxury goods, such as cars, planes, yachts, jewelry or watches. The restrictions will also apply to football clubs, which from the perspective of European officials are perceived as potential money laundering tools.
According to estimates, from EUR 715 billion to even EUR 1.87 trillion is laundered every year in the world.