In mid-July, the European Commission called for tougher measures against money laundering. In addition to a new supervisory authority at EU level, the Brussels authority also has a cash limit of 10,000 euros in mind. Similar limits, in some cases significantly lower, already exist in the majority of Member States, but not in Austria or Germany.
According to “Welt am Sonntag”, France has not yet specified what limit Paris really envisages. At the national level, there is currently a ceiling of 1,000 euros for cash payments, which is increased to 10,000 euros for foreign visitors. In practice, cash payments are generally quite rare.
Blümel against “the creeping abolition of cash”
France’s position therefore contrasts sharply with the Austrian position. Finance Minister Gernot Blümel (ÖVP) has spoken out several times in recent weeks against the limit of 10,000 euros proposed by the Commission.
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The finance minister’s office also pointed out on Sunday that Austria supports the fight against money laundering, but that other regulatory measures – for example in the area of cryptocurrencies – make more sense than the caps for cash payments. “We do not want a creeping abolition of cash and we never tire of expressing this skepticism over and over again,” Blümel said according to the statement.