Beautiful Virgin Islands

Thursday, Jul 31, 2025

EU money laundering ban oncash deals over €10,000

EU money laundering ban oncash deals over €10,000

Cash payments over €10,000 for transactions such as car purchases, home improvements or funeral bills will be banned under EU rules expected to come into force within three years.
The EU legislation is being considered in an attempt to clamp down on cross-border money laundering on a wider European basis.

The move could affect a large section of society who choose to operate solely on a cash basis.

Irish EU Commissioner Mairead McGuinness, who is responsible for toughening anti-money laundering laws, says a much broader view of the problem must be taken, moving beyond large-scale businesses, banks and financial institutions.

Ms McGuinness said the focus must now go on things like car purchases, jewellery, antiques and even more unusual items like funeral charges.

“The proposed measures extend the capping for large cash payments to services too, so that for example funeral services above €10,000 would have to be paid through card or via a bank,” Ms McGuinness told the Irish Independent.

“It is a high threshold, as on average funerals in Ireland cost between €3,000 and €7,500,” she said.

The ban is aimed at tackling money laundering but also comes as European authorities are looking towards an increasingly digital society, including plans for a purely digital version of the euro being examined by the European Central Bank.

The European Union’s heaviest cash users are in Germany and Austria where cash remains king for most consumers.

In Sweden, in contrast, digital payments predominate.

Ireland lies between the two extremes.

Cash use here had been declining in recent years and that accelerated during the Covid pandemic.

Some businesses prefer to deal in cash in order to avoid paying tax on income, however rules that dictate how people can spend money are likely to raise privacy and civil liberties concerns.

Even though cash use is down, Irish consumers withdrew €21.44bn from ATMs last year and it remains particularly popular among older people and people in rural areas, according to the Central Bank.

Earlier this year, the Central Bank warned that stigmatising cash shoppers by only accepting card or digital payments risks increasing social isolation and reduces consumer choice.

Ireland is one of eight out of the 27 EU member states which does not have a limit on large cash payments, although existing anti-money laundering rules here already put a cap on carrying large sums in and out of the country and impose reporting obligations on financial institutions and professionals.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Former Judge Charged After Drunk Driving Crash Kills Comedian in Brazil
Jeff Bezos hasn’t paid a dollar in taxes for decades. He makes billions and pays $0 in taxes, LEGALLY
China Increases Use of Exit Bans Amid Rising U.S. Tensions
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Procter & Gamble to Raise U.S. Prices to Offset One‑Billion‑Dollar Tariff Cost
House Republicans Move to Defund OECD Over Global Tax Dispute
Botswana Seeks Controlling Stake in De Beers as Anglo American Prepares Exit
Trump Administration Proposes Repeal of Obama‑Era Endangerment Finding, Dismantling Regulatory Basis for CO₂ Emissions Limits
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
A family has been arrested in the UK for displaying the British flag
Mel Gibson refuses to work with Robert De Niro, saying, "Keep that woke clown away from me."
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
The British propaganda channel BBC News lies again.
Deputy attorney general's second day of meeting with Ghislaine Maxwell has concluded
Controversial March in Switzerland Features Men Dressed in Nazi Uniforms
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
Thai Civilian Death Toll Rises to 12 in Cambodian Cross-Border Attacks
TSUNAMI: Trump Just Crossed the Rubicon—And There’s No Turning Back
Over 120 Criminal Cases Dismissed in Boston Amid Public Defender Shortage
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
Trump Announces $550 Billion Japanese Investment and New Trade Agreements with Indonesia and the Philippines
US Treasury Secretary Calls for Institutional Review of Federal Reserve Amid AI‑Driven Growth Expectations
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Severe Flooding in South Korea Claims Lives Amid Ongoing Rescue Operations
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
CEO Resigns Amid Controversy Over Relationship with HR Executive
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
US Revokes Visas of Brazilian Corrupted Judges Amid Fake Bolsonaro Investigation
U.S. Congress Approves Rescissions Act Cutting Federal Funding for NPR and PBS
North Korea Restricts Foreign Tourist Access to New Seaside Resort
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
×