keywords: cash, cash money, terrorism financing, luxembourg.
One way to fight terrorism is to prevent its financing. The procedures for tracing banking transactions are increasing and are so effective that potential terrorists no longer use the traditional banking system for transfers.
Recent attacks in Europe have been financed either by consumer loans or by cash exchanges.
States are gradually introducing legislation to restrict the use of cash money. To take only our neighbours, this is the case in France since September 1, 2015 where a cash payment is allowed for a maximum of 1,000 euros to a professional and 1,500 euros between individuals. This is also the case in Belgium with a limit of 3000 euros since January 2014.
However, to date, Germany, Luxembourg, Austria, Slovenia, Malta, Cyprus, Iceland, Lithuania and Latvia do not restrict cash payments.
According to MP Laurent Mosar (CSV), the Bulgarian government would have passed a law limiting cash payments to about 2,500 euros as of January 1, 2018. It would also be expected to lower this threshold to 500 euros from 2020, as it is already the case in Greece. This movement is supposed to modernise the economy and to reduce the parallel economy.
The question of a possible limitation of payments in cash in Luxembourg is asked by this MP to the Minister of Finance Pierre Gramegna who has 30 days to reply.
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