The European Union is in danger of “criminalising” the use of physical cash with its new anti-money laundering laws, an MEP has warned.
Dr Gunnar Beck, a representative for the populist Alternative for Germany (AfD) party, has warned that the EU appears to be pushing for the “criminalisation” of the use of physical cash with its new anti-money laundering (AML) laws.
Politicians in Brussels have long been pondering an upper legal limit on the value of cash transactions within the bloc, with lawmakers detailing plans to ban Europeans from spending over €10,000 in physical tender as part of a single transaction.
The European Parliament however has now voted for such a proposed limit to be dropped down to as little as €7,000 as part of efforts to clamp down on money laundering and tax dodging within the bloc, with officials also voting to see cryptocurrency transactions paying for goods and services that are valued over €1,000 to be banned.
Many within the parliament appear to be justifying the decisions as being an important step in curtailing criminality within Europe, though Dr Beck warns that the limits on cash payments now appear to have gone too far.
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