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Netherlands and other EU countries advocate € 5.000 cash limit

The Netherlands, Belgium, France, Italy and Spain are all in favor of cash payments to the EU up to € 5.000. The governments of these ...

The Netherlands, Belgium, France, Italy and Spain are all in favor of cash payments to the EU up to € 5.000. The governments of these countries are pushing for this in the European Commission. Finance Minister Hoekstra wrote about this in his message to the House of Representatives (Tweede Kamer).

In the Netherlands itself, a bill has been under development for a long time, according to which the maximum amount of cash payment should be limited to 3.000 euros. More wrote here... Not all EU countries supported this proposal, and therefore the Netherlands propose to establish a limit in the EU at 5.000 euros. At the same time, they make a reservation that the EU member states themselves can introduce a lower threshold in their countries.

Why limit cash payments?

Cash payments are essentially anonymous and therefore not tracked. It is for this reason that it is often used by organized crime for money laundering, terrorist financing, drug and human trafficking, and tax evasion.

According to the Netherlands and other countries that are in favor of the limit of 5000 thousand, the 500 euro banknote also poses a risk. These countries are in favor of the European Commission, together with the European Central Bank (ECB), to consider the possibility of saying goodbye to this bill.

It is important that this measure be applied in all EU countries. Otherwise, according to the Dutch finance minister, criminals will "run" from one country to another. According to reports, the 500 euro banknote is the most popular banknote in the criminal environment in Europe.

Publication Date: 27.09.2021
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