LUXEMBOURG – NO STRICT LIMITATIONS ON CASH MONEY USE

luxembourg security privacy defense police cyber

keywords: cash, cash money, terrorism financing, luxembourg. There will be no limit for cash payments in Luxembourg, according to Minister of Finance Pierre Gramegna on Monday, responding to MP Laurent Mosar (CSV). While many European countries have set limits for cash payments (Belgium, Bulgaria, Croatia, Czech Republic, Denmark, France, Greece, Hungary, Italy, Latvia, Poland, Portugal, Romania, Slovakia, Slovenia and Spain) this is not the case in Luxembourg. The Minister reminds that the European directives on money laundering and the financing of terrorism did not provide for such limitations. However, even…

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LUXEMBOURG – STRICT LIMITATIONS ON CASH MONEY SOON ?

luxembourg security privacy defense police cyber

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…

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