No more cash transactions in EU?


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“Existing national restrictions on cash payments vary widely. The higher the threshold, the more the convenience of cash transaction is preserved, but the higher the risk that criminal cash transactions fall through the net,” said an assessment by the European Commission (EC) that is studying a proposal for an European Union (EU) initiative on restrictions on payment in cash. Possibly implemented as soon as 2018, this new legislative initiative aims to reduce if not end cash anonymity that can also be misused for money laundering and terrorist financing purposes.

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