EU-wide maximum limit of €10K for cash payments
consilium.europa.eu
EU-wide maximum limit of €10K for cash payments
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Re: EU-wide maximum limit of €10K for cash payments
#2> Hiding behind multiple layers of ownership of companies won’t work any more.
Didn't they literally last week make a law to make this harder?
Re: EU-wide maximum limit of €10K for cash payments
#3You don't own the cash in your pocket
Re: EU-wide maximum limit of €10K for cash payments
#4Meanwhile money laundering through slot machines, hairdressers, car washes and other low transaction value covers remain entirely unaffected.
Re: EU-wide maximum limit of €10K for cash payments
#5This one kinda makes sense to me. Can't really think of any good legitimate use cases for large amounts of cash.
Closest I can think of say a bar or something similarly cash heavy getting cash and paying suppliers directly. (which is in itself problematic @ tax)
Re: EU-wide maximum limit of €10K for cash payments
#6It'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 any travel or transaction declaration "$10K face value" limits . . .
[1] https://www.perthmint.com/shop/bullion/bullion-coins/austral...
Re: EU-wide maximum limit of €10K for cash payments
#7> Hiding behind multiple layers of ownership of companies won’t work any more. Didn't they literally last week make a law to make this harder?
Reference:
No longer possible for the public to learn who owns a EU company https://news.ycombinator.com/item?id=33836543
Re: EU-wide maximum limit of €10K for cash payments
#8> Hiding behind multiple layers of ownership of companies won’t work any more. Didn't they literally last week make a law to make this harder?
No, they have not made a new law last week, but one of the highest courts has decided that this data should not be public (as the regulations stand, especially in relation to the GDPR). Nothing prevents the European Union institutions from updating the regulations on the subject.
...and this is what they seem to suggest in this paragraph, which is a clear reminder of this event:
> Member states should ensure that any natural or legal person that can demonstrate a legitimate interest has access to information held in the beneficial ownership registers, and such persons should include those journalists and civil society organisations that are connected with the prevention and combating of money laundering and terrorist financing.
Re: EU-wide maximum limit of €10K for cash payments
#9You don't own the cash in your pocket
If you can't explain where it comes from. Otherwise, it's yours to do with as you please.
Re: EU-wide maximum limit of €10K for cash payments
#10This one kinda makes sense to me. Can't really think of any good legitimate use cases for large amounts of cash. Closest I can think of say a bar or something similarly cash heavy getting cash and paying suppliers directly. (which is in itself problematic @ tax)
Like in chess, the moves that you could play matter as much as the moves that you do play. So even if I don't need cash, I still appreciate the possibility of using cash in case my bank of government locks me out of my accounts.
For example, the Canadian government froze the accounts of political activists during the Corona crisis. This shocked me. It shows that even countries that are perceived as free and democratic sometimes cannot resist to abuse their power. And the more power we give them, the more likely it is that a politician will abuse his or her power sooner or later.