Government wants to lower limit cash payments to 3,000 euros

Cash payments of more than 3,000 euros are coming soon no longer allowed. This is stated in a bill that has been approved by Minister Hoekstra of Finance and Minister Grapperhaus of Justice and Security. It is one of the measures recently approved by the Council of Ministers to combat money laundering and terrorist financing more effectively. Until 1 January 2021, it is still possible to pay amounts up to €10,000 anonymously in cash.

The government already announced its plans last year to further restrict the use of cash. At the beginning of July, the government presented a new Plan of Action for Money Laundering, which stated the intention to ban cash payments above €3,000. So this measure does not come as a surprise. However, it does mean that it will soon no longer be possible to pay large amounts in cash.

Stricter supervision of virtual currencies

The new bill also includes a number of other measures. For example, it should be easier for banks, other financial institutions and notaries to share data. The bill also contains a number of other intentions. For example, the government wants to abolish the 500 euro note at European level. In addition, there are plans to increase the providers of virtual currencies (including virtual currency accounts, the so-called Wallets) to regulate more strictly.

This contribution comes from Geotrendlines