EU lawmakers approve 10,000 euro cash payment cap

BRUSSELS (AFP): The European Parliament on Wednesday voted through a limit on cash payments in the EU of 10,000 euros ($10,700) as part of new laws to tackle money laundering.

The new legislation, which is also aimed against the financing of terror groups, has been in the pipelines in the 27-nation European Union for over two years.

It will standardise rules across the EU’s member states covering areas including luxury goods, crypto assets and football agents.

The cash payment cap will bring the likes of Germany and Austria — where payments were unlimited — in line with other EU members such as France that already have tighter regulations.

The new laws also toughen anti-money laundering rules for banks, estate agents and casinos.

They will now have to identify their clients or the beneficial owners hidden behind opaque legal schemes.

The legislation’s scope will also cover crypto assets in a bid to bolster transparency in the notoriously murky sector.

Tighter controls will also come into force from 2029 for football agents and clubs.

As part of its efforts to curb money laundering, the EU is setting up an agency focused on the issue based in the German city of Frankfurt.