The European Union is preparing to ban cash payments in excess of 10,000 euros to combat money laundering and terrorist financing.
In this context, an agency will be established to monitor the movement of funds across Europe.
The European Union is also taking new steps to strengthen the fight against money laundering and terrorist financing.
According to the report of the German newspaper Süddeutsche Zeitung, cash payments over 10 thousand euros will be banned, and an upper limit will be set.
Financial activity in the sector, including large banks, will also be closely monitored, and an agency will be established for this.
The regulation will also be included in a proposal to prevent money laundering in July.
The European Union Agency will monitor
According to this proposal, an agency of the European Union will be established to monitor money laundering and terrorist financing.
The authority will monitor financial activity in the sector, including major banks, and will take steps to combat money laundering.
At the same time, this step will be followed by suspicious movements regarding terrorist financing.
“It’s hard to carry a lot of money in pockets”
Mered McGuinness, a member of the European Union Commission in charge of financial services, said in an interview with the newspaper.
“We are talking about a maximum of 10 thousand euros, and it is difficult to carry so much money in the pockets.
The first step towards preventing money laundering was taken in May of last year, and a consensus was reached at the Council of Economic and Financial Affairs meeting in November.