Luxembourg has no plans to introduce a limit to the amount of money that can be spent in a cash transaction, according to the finance minister
Photo: Delano archives
Luxembourg has no plans to introduce a limit to the amount of money that can be spent in a cash transaction, according to the finance minister.
Responding to a parliamentary question, published on 1 September, Pierre Gramegna referred to the new draft law which transposes the European commission directive proposal (modifying directive EU 2015/849) on the prevention of money laundering and financing of terrorism.
The proposed directive “does not foresee limiting cash payments,” the minister wrote, adding that “It does not seem to me necessary to go beyond the text of the directive by imposing such a limit in Luxembourg.”
Luxembourg stands relatively isolated in this stance as 16 member states have adopted upper thresholds on cash transactions. These limits vary from €420 in Slovenia to €15,000 in Poland and for individuals, Slovakia.
Among the other member states to have imposed a limit, according to the minister, are Belgium, Bulgaria, Czech Republic, Denmark, Greece, Spain, France, Croatia, Italy, Latvia, Hungary, Portugal, Romania and Slovakia.