Report on restrictions on payments in cash

Summary:

The European Commission published on 12 June 2018 a Report on the impacts of potential cash payment restrictions. The report concludes that at this stage, the Commission was not considering any legislative initiative on this matter.

Further information:

Potential restrictions on cash payments were mentioned in the context of the fight against terrorist financing. The Commission published in February 2016 an Action Plan for strengthening the fight against terrorist financing, which highlights that several Member States had in place prohibitions for cash payments above a specific threshold. In February 2016, the Council of the European Union also called on the Commission to explore the possibility of an EU-wide prohibition.

In June 2016, the Commission announced an impact assessment on this matter, including an analysis of the costs and benefits of potential action. An impact study as commissioned to an external contractor and a public consultation was carried out between March and May 2017. The impact study was concluded in late 2017. This Report presents the findings of both exercises.

This Report is part of a package of documents and reports relating to security and defence.

• Primary Source

ECORYS | CEPS: Final Report, December 2017: Study on an EU initiative for a restriction on payments in cash https://ec.europa.eu/info/sites/info/files/economy-finance/final_report_study_on_an_eu_initative_ecorys_180206.pdf

European Commission: Public Consultation on EU initiative on restrictions on payments in cash https://ec.europa.eu/info/consultations/eu-initiative-restrictions-payments-cash

European Commission: Press Release, 13.06.18: A Europe that protects: EU works to build resilience and better counter hybrid threats http://europa.eu/rapid/press-release_IP-18-4123_en.htm

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