European Parliament Passes Law to Restrict Cash Payments to €10,000

The European Parliament has voted to impose a €10,000 limit on cash payments within the European Union. This move, part of comprehensive anti-money laundering legislation, marks a significant step in standardizing regulations across the 27-member bloc.

The legislation, which has been in development for over two years, seeks to harmonize rules across EU member states, addressing areas such as luxury goods, crypto assets, and the activities of football agents. Notably, countries like Germany and Austria, where cash payments were previously unlimited, will now fall in line with stricter regulations already in place in nations like France.

One of the pivotal aspects of the new laws is the tightening of anti-money laundering measures for various sectors, including banks, real estate agents, and casinos. These entities will now be mandated to identify their customers or the actual owners behind opaque legal structures, enhancing transparency and accountability.

Moreover, the scope of the legislation extends to crypto-assets, acknowledging the need to bring transparency to a sector known for its opacity. With tighter controls set to be implemented for football agents and clubs from 2029, the EU is demonstrating its commitment to combating financial crime across diverse industries.

To bolster its efforts in this regard, the EU is establishing an agency dedicated to tackling money laundering, with its headquarters slated to be based in Frankfurt, Germany.

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