EU Commission wants to ban cash payments over 10,000 euros

Mairead McGuinness

The EU Commissioner has announced a package of measures against money laundering.

(Photo: Reuters)

Berlin In the fight against money laundering, the EU Commission wants to ban cash payments of over 10,000 euros. This was announced by Financial Market Commissioner Mairead McGuinness in an interview with the “Süddeutsche Zeitung” (Monday edition).

“We’re talking about an upper limit of 10,000 euros. Carrying so much money around in your pockets is pretty difficult. Most people don’t, ”said the Commissioner. The regulation is to be part of a package of legislative proposals against money laundering that the Commission intends to present in July.

McGuinness told the paper that she wanted to propose the establishment of an EU agency to fight money laundering and terrorist financing with the support of the member states: “It will have many powers and will directly monitor the anti-money laundering policies of certain large banks.”

The package in July will be a “big bang” for the fight against money laundering.

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