Malta imposes a limit of € 10,000 on the sale of goods and other valuables

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It is now illegal for people in Malta to conduct cash transactions worth € 10,000 or more in transactions involving property and other valuables.

In an attempt to crack down on money laundering, Malta issued a legal opinion yesterday, implementing cash restrictions which had been in the works for several years and which were announced in the budget for 2020.

In addition to real estate, a cap of € 10,000 has also been applied to antiques, jewelry, precious metals, precious stones, pearls, vehicles, boats and works of art.

Anyone found guilty will be liable to a fine of at least 40% of the amount of money they have paid, received or made in cash. Therefore, if it turns out that someone has paid or received € 20,000 in cash for any of the above, they will have to pay at least € 8,000.

If it turns out that they have paid or received € 100,000 in cash, they will have to pay at least € 40,000.

Making large-scale payments for goods in cash remains difficult to trace, providing ideal cover for the source of inexplicable amounts of money.

In January, Times of Malta reported that Malta would introduce a limit of € 10,000 in cash after coming under pressure from Moneyval, the Council of Europe body which is expected to review the national money laundering regime this year.

Failure of the test could see the island on the gray list, which financial experts say will seriously undermine Malta’s attractiveness as a global financial center.

Do you agree with this new law?


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