Wednesday, February 3, 2016

German Political Party Call for "Cash Controls"

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.


(ht ZH)


  1. as an AML analyst, this is a no-brainer. (Not to say that I think it is a good thing.)

    In my industry, the use of cash is immediately and always suspicious. Sad days.

  2. Oh, and if you want to pay yourself, you're going to have some gross margin left over for that as well.guarantor loans