|Handelsblatt's depiction of what money is all about; launderiing.|
It's getting very evil out there.
In a piece called "The Death of Cash, Handelsblatt reports that the Social Democrats - the junior partner in Angela Merkel’s coalition government - have proposed a €5,000 limit on cash transactions and the elimination of the €500 note.
“Limits on cash transactions would discourage foreign criminals from coming here to launder money,” says a paper penned by the Social Democrats. “If sums over €5,000 have to pass through traceable bank transactions, laundering would be severely hampered, it adds.”
Also Deputy Finance Minister Michael Meister told reporters today that Germany is proposing a euro area ban on cash transactions over €5,000 to combat terrorism financing and money laundering.
“Since money laundering and terrorism financing are cross-border threats,” it makes sense to adopt a bloc-wide “solution”, but “if a European solution isn’t possible, Germany will move ahead on its own,” he added.