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EU-wide maximum limit of €10K for cash payments

consilium.europa.eu

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Re: EU-wide maximum limit of €10K for cash payments

#171

Post by ISL »

mytailorisrich wrote: post #41
defrost wrote: post #6

It's a spreadng practice. Australia is introducing (or may have already passed?) a similar Act with an AU $10K limit on "unapproved" cash transactions. Over the limit you'll need approval. Of course the usual loophole for the weathy applies, 3x $3,000 face value gold bullion coins [1] is under the cash transaction limit, although at a kilo each and ~$88K per in valuae, that's almost $300K in value technically under a…

Wouldn't you need to use that $3000 coin to pay $3000, ie use it for its face value, for this loophole to 'work'? In which case it would not be very useful... If you use it to pay $88k then the transaction is obviously $88k although you've then paid in gold, not cash. I feel that this is a "you can't have your cake and eat it too" situation.

It allows you to acquire coins over time, then use them later to move wealth in a less-traceable way.

Re: EU-wide maximum limit of €10K for cash payments

#172

Post by flandish »

tom_ wrote: post #141
tgv wrote: post #123

Earlier quoted context omitted.

That's not what legal tender means, and the expression "boot out of your mouth" is a new one to me. Perhaps you meant the more derogatory "foot out of your mouth"?

I assumed it would be to do with this: https://www.urbandictionary.com/define.php?term=Bootlicker - as in, you are being criticised for apparently siding with people that you should more correctly see as your oppressors. It is always possible I have misunderstood the point too.

Your understanding of the phrase as linked is exactly how I meant it.

Re: EU-wide maximum limit of €10K for cash payments

#173

Post by cypress66 »

peoplefromibiza wrote: post #152
merinofg wrote: post #149

Earlier quoted context omitted.

He is not. In Spain, for instance, it is already illegal to pay with cash costs above 1.000€ in any commerce. You are forced to buy it using a credit/debit card.

Spain is in the EU, but Spain is not the EU. So he is. But then again, what's the practical reason to pay more than 1k cash?

Because the opposite (banks) means the government can freeze your funds, like they did in Canada to protesters.

Re: EU-wide maximum limit of €10K for cash payments

#174

Post by Strom »

Can someone explain to me how this 10K EUR limit can be enforced? What will stop the launderer from selling an item/service valued at 1K to a thousand anonymous customers who paid with cash? Surely they're not going to demand KYC for every tiny cash transaction? If they aren't, I can't see a limit to the number of fake customers you can come up with.

Or is this just meant for cases where the business is already under 24/7 survailance and they could point to not enough people coming by?

Re: EU-wide maximum limit of €10K for cash payments

#175

Post by pessimizer »

tsukikage wrote: post #56
goodpoint wrote: post #18

Earlier quoted context omitted.

Anyone that has 300K$ laying around in gold is most likely very wealthy.

I mean, if the thing you are trying to work around is a law preventing you from paying 300K in cash, I don't think using bullion changes much about how wealthy you are.

What if you're trying to work around a law preventing you from paying €10,001, like the law being discussed?

Re: EU-wide maximum limit of €10K for cash payments

#177

Post by woodruffw »

vl wrote: post #151
stuckinhell wrote: post #146

I've noticed some similar in America recently. I've got friends who move 5-6 figure sums for various personal businesses, and their banks have been extra critical of their transactions. One bank got so annoying, that my friend tried to close the account, and couldn't! Lately hearing more and more stories about people getting de-banked, as been making me feel a little nervous. In the cases of the banks and my business…

Underreported info is that during many months of pandemic you couldn’t withdraw any significant amounts of cash. I decided to withdraw $10k just in case and they told me maximum they can do is $1k per day and this story repeated for many months.

I saw plenty of reporting on this, and nearly all of it was editorialized: it was being treated as evidence that customer savings weren't available, when the actual reason is that bank branches simply don't keep massive vaults of money on hand.

If you have a bank account, you can always withdraw your savings (at least up to the amount insured, in the event of a bank collapse). But there has never been a guarantee that you can walk up to a teller and leave with your life savings in a bag; you should always call ahead and coordinate with the bank to ensure that they have the physical paper available. In many cases, they'll redirect you to a specialized or more central branch.

Re: EU-wide maximum limit of €10K for cash payments

#179

Post by newaccount74 »

retinaros wrote: post #125

its always to fight corruption and trafficing right?

I'm pretty sure a big goal is to fight tax evasion.

I can't speak for all of EU, but here in Austria tax evasion is very common.

For example, it's still extremely common to pay contractors under the table. They will ask you if you need an invoice, and the price will be a lot lower if you don't.

Another example are restaurants. For a few years it has been required that restaurants always provide you with a receipt, but especially asian restaurants still don't do so.

All that untaxed revenue costs the state billions in missing taxes.

If you limit cash payments, then you make it at least slightly harder for someone to eg. buy a car with that untaxed money.

I really don't see any reason why you would need 10k€ cash payments if not for tax evasion.

Re: EU-wide maximum limit of €10K for cash payments

#180

Post by Teandw »

Strom wrote: post #174

Can someone explain to me how this 10K EUR limit can be enforced? What will stop the launderer from selling an item/service valued at 1K to a thousand anonymous customers who paid with cash? Surely they're not going to demand KYC for every tiny cash transaction? If they aren't, I can't see a limit to the number of fake customers you can come up with. Or is this just meant for cases where the business is already under…

You open a bank account and start "selling an item/service valued at 1K to a thousand anonymous customers who paid with cash" and you'll come up against KYC and have your account flagged regardless.

That's what would be stopping you; existing anti-money laundering systems.

This is then how things like this are enforced.

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