Fri Dec 16, 2022 – 6:09 pm EST
(LifeSiteNews) — The Council of the European Union proposed a cash limit of 10,000 EUR for all member states of the EU in order to fight money laundering and terrorist financing.
The proposed legislation also requires providers of cryptocurrency to verify “facts and information about their customers” if they make transactions of 1,000 EUR or more.
“The EU continues its fight to protect EU citizens and the EU’s financial system against money laundering and terrorist financing,” the press release of the European Council states.
Czech Finance Minister Zbyněk Stanjura said that they intend to “close loopholes” for criminals.
“Large cash payments beyond €10.000 will become impossible,” Stanjura said. “Trying to stay anonymous when buying or selling crypto-assets will become much more difficult. Hiding behind multiple layers of ownership of companies won’t work anymore. It will even become difficult to launder dirty money via jewellers or goldsmiths.”
Whether cash limits prevent criminal activity remains questionable. In 2016, German mainstream news outlet der Spiegel reported that European countries like Portugal, Greece, Spain, and Belgium had already introduced cash limits, some of them much lower than 10,000. However, there was no noticeable
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