1. #1

    EU going forward with restriction/ban of cash payment survey suggests

    So apparently the EU is taking the next step towards completely monitoring everything it's citizens do 24/7.

    https://ec.europa.eu/eusurvey/runner...veylanguage=EN

    The Commission published on 2 February 2016 a Communication to the Council and the Parliament on an Action Plan to further step up the fight against the financing of terrorism. The Action Plan builds on existing EU rules to adapt to new threats and aims at updating EU policies in line with international standards. In this context reference is made to exploring the relevance of potential upper limits to cash payments. The Action Plan states that "Payments in cash are widely used in the financing of terrorist activities. …. In this context, the relevance of potential upper limits to cash payments could also be explored." In its Conclusions on the fight against terrorism, the Economic and Financial Affairs Council of 12 February 2016 concurred that the Commission should explore the need for appropriate restrictions on cash payments exceeding certain thresholds.

    Cash is still the most efficient and accessible means of payment and it also offers anonymity. Although such anonymity may be desired for legitimate reason (e.g. protection of privacy) it can be misused for money laundering and terrorist financing purposes. The possibility to conduct large cash payments facilitates money laundering and terrorist financing activities because of the difficulty to monitor and track cash payment transactions. While a number of Member States already have (or have had) in place restrictions on cash payments as a measure to combat crime, this has not been addressed at Union level. The fragmentation and divergent nature of these measures may have the potential of interfering with the proper functioning of the internal market, which if is the case, could justify action at Union level.

    Potential restrictions on cash payments would be a means to fight criminal activities entailing large transactions in cash by organised criminal networks. Restricting large payments in cash, in addition to cash declarations and other anti-money laundering obligations, would hamper the operation of terrorist networks, and other criminal activities, i.e. have a preventive effect. It would also facilitate investigations by removing the anonymity and lack of traceability of cash. Effective investigations are hindered as cash payments transactions are anonymous. Thus restrictions on cash payments would facilitate investigations.

    As cash and cash transactions are often considered a personal freedom, collecting the view of citizens, businesses, public authorities and associations is essential prior to any action in this domain. This includes views on whether existing national measures lead or could lead to an interference with the proper functioning of the internal market.

    Survey is up until 31 May 2017

    What's your opinion, do you think controlling hundrets of millions of peeps payments will be beneficial or harmful?

  2. #2
    The Unstoppable Force Mayhem's Avatar
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    God damn it, there goes my money laundering business.

    Fuck.
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  3. #3
    I am Murloc! Ravenblade's Avatar
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    Can't have an omelet without rolling and breaking an egg.

    I don't support it personally but I see their dilemma but as has been proven and proven again, as long as authorities fail to ignore reports and to act upon, it doesn't matter what tools they are given if they cannot even use the ones they have properly as can be seen on the case of Amri.
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  4. #4
    I think it will be harmful.
    This will hit the general public by finally making their transactions acessible to everyone with the money and interest to know them and thus further eroding privacy while criminals will find a way around it anyway.

  5. #5
    Deleted
    EU really needs to back the f*ck off. I really hope we get out before its too late.

  6. #6
    This was published over a year ago and action hasn't been taken? What are the proposed upper limits?
    In the US we have had to report cash exchanges for purchases over $10k for a long time. That is probably for tax purposes though.

  7. #7
    Merely a Setback Sunseeker's Avatar
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    Kinda depends on where the cap is set. If we're talking about 1k in cash? That's gonna have a lot of impact. If we're talking about 1M in cash? The average person won't even notice.
    Human progress isn't measured by industry. It's measured by the value you place on a life.

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  8. #8
    That's not going to happen. The US is the most credit card friendly country and it's not implemented even there, while the EU has countries where 90% of the stuff is still paid in cash.

  9. #9
    I guess it would be around 10k, there are quite a few eu nations with a cash limit already, not uniform though.

  10. #10
    There are already strict money laundering laws on cash payments within the EU.

  11. #11
    I am Murloc!
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    Quote Originally Posted by Pann View Post
    There are already strict money laundering laws on cash payments within the EU.
    Yes, we did not ban it but we monitor such payments.

  12. #12
    The Insane Acidbaron's Avatar
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    My personal opinion is, i'm okay with this if they start doing something about taxation on income so that working more doesn't mean you get put in a bracket where if you work overtime officially you end up paying too much on your income so that's as good as not worth doing it officially.

    Most nations already have it and we already knew the amount was going to be decreased that you can pay things with for in cash.

  13. #13
    Not a fan of cash myself.
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