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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

#571

Post by elorant »

moritonal wrote: post #491
elorant wrote: post #245

Earlier quoted context omitted.

How is it money laundering when the money is already in the bank and thus accounted for?

Mob boss has lots of money and needs to launder it. Mob boss starts a building company, paying the employees with dirty cash (but hey, no income tax, so no ones complains). Building company charges customers, but asks for it in cash. Dirty money goes out to construction employees, clean cash comes in from customers. The Bank flag is just saying there is laundering occurring near the money.

If all revenue is in cash, and all payments are also in cash he doesn't need a Bank in the first place.

Laundering money is almost always done through b2c businesses where it's harder to trace all the customers. You start a cafe, and then you say you had 1.000 customers daily when you really had 100. You pay the tax for the remaining 900 coffees and now your money are clean.

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

#572

Post by elorant »

Teandw wrote: post #458
eddsh1994 wrote: post #317

Earlier quoted context omitted.

I know for a fact this happened and it was 2006/7 so nothing happened

So why did the person you know need to pay the builder in that manner, rather than just transferring him the money?

Well, the builder might gave him a lower price if paid in cash to avoid taxes.

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

#573

Post by p1esk »

ceejayoz wrote: post #556
p1esk wrote: post #532

Earlier quoted context omitted.

Imagine you’re a dissident and you’re running from your government. You’re are more likely to succeed if you have cash.

If I'm a dissident running from the government I probably don't want the attention generated by bringing 10k Euros in cash into a business to buy something.

Good point. Still, this law is a step on a slippery slope.

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

#574

Post by ErikCorry »

matkoniecz wrote: post #498
moritonal wrote: post #486

Earlier quoted context omitted.

Hol up, the buyer wanted cash for buying a flat? And no-one saw anything fishy in that? Really sounds like your family member accidentally helped launder money.

Entire transaction took place in bank - and cash was immediately deposited into bank and never even left bank building. Not entirely sure why it would be a problem or enable anything? (and obviously, seller wanted cash) (and it is possible that I misunderstood something) And I would do the same - just to avoid worrying that maybe transfer is not going to arrive or get reverted or something (that is 100% hypothetical,…

This sounds like how you would buy a flat where you didn't want to make a paper trail.

In the real (non-criminal) world you would have a conveyancing solicitor handle it, and he would take care of the contract, the transfer, checking for liens, stamp duty etc.

How do you even know the seller owns the flat when you do everything in cash?

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

#575

Post by [deleted] »

ur-whale wrote: post #446
pelorat wrote: post #264

Earlier quoted context omitted.

> Bizarre how the EU is penalizing everyone in order to 'make it harder for criminals to launder dirty money'. It doesn't affect anyone. No one in Europe uses cash for anything more expensive than maybe 200 euros. Of course in some countries like Sweden and the Netherlands no one uses cash any more at all, and almost all ATM machines have been removed. I believe cash-only places are now outlawed. The reason for this…

> It doesn't affect anyone. No one in Europe uses cash for anything more expensive than maybe 200 euros. LOL, you have clearly never had to build a house.

[deleted]

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

#576

Post by Teandw »

jfghi wrote: post #557
Teandw wrote: post #553

Earlier quoted context omitted.

Unfortunately we wouldn't move forward as a society if we didn't do things that affected people that didn't want to progress with modern ways of living.

Modern ways of living is more akin to using toilets. Cash isn’t an unnecessary artifact of ancient civilization that impedes progress.

Digitizing cash has moved civilization forward in ways we could never have dreamed of.

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

#577

Post by mozman »

Teandw wrote: post #257
olivermarks wrote: post #253

'By limiting large cash payments, the EU will make it harder for criminals to launder dirty money. ' Bizarre how the EU is penalizing everyone in order to 'make it harder for criminals to launder dirty money'. People pay taxes in order to have their bureaucrats serve them by creating a safe financial and social environment, not to have them assume everyone is a criminal/terrorist and greatly impede access to their as…

In what circumstances have you or someone you known ever needed to pay for something over €10k in cash?

I always ask for tax to be included when paying for cash.

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

#578

Post by 0cVlTeIATBs »

Teandw wrote: post #539
1337biz wrote: post #505

Earlier quoted context omitted.

I did exactly this at the Apple store for a 5k+ purchase. I do these things out of principle to make it harder to create profiles and support cash. It is the same why I prefer https over http.

No matter how hard you try, cash is dying. If it's a good thing or not is another debate but you're not supporting anything by paying in cash. You're simply prolonging the death with no benefit of doing so other than to pat yourself on the back.

We just need to prolong it enough until we can prolong it a bit further, ad infinitum.

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

#579

Post by yrgulation »

tastysandwich wrote: post #506

A similar thing was attempted in Australia [1]. I just ask people to consider that even though we all have bank accounts and we take that for granted, there _are_ actually people who don't, and they're not operating a criminal enterprise. My grandparents came as refugees. My grandfather has never had a bank account. He bought a car with $50 bills once. It was so funny, they were all stuck together and the clerk had t…

A lot of eu countries have a threshold of how much you can pay in cash, and it works just fine. No one is missing hospital treatment because of it and even illiterate folks can use banks and open accounts.

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

#580

Post by xyzzyz »

tastysandwich wrote: post #506

A similar thing was attempted in Australia [1]. I just ask people to consider that even though we all have bank accounts and we take that for granted, there _are_ actually people who don't, and they're not operating a criminal enterprise. My grandparents came as refugees. My grandfather has never had a bank account. He bought a car with $50 bills once. It was so funny, they were all stuck together and the clerk had t…

> In his home country, you couldn't trust the banks, so people hid their money. Of course that kind of thinking is silly in Australia, but good luck explaining that to someone with war-trauma.

Not too long ago we saw the Canadian government freeze bank accounts of people for protesting the Covid measures. Don’t think that it cannot happen in your country.

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