Saudi Press

Saudi Arabia and the world
Tuesday, Jun 24, 2025

EU money laundering ban oncash deals over €10,000

EU money laundering ban oncash deals over €10,000

Cash payments over €10,000 for transactions such as car purchases, home improvements or funeral bills will be banned under EU rules expected to come into force within three years.
The EU legislation is being considered in an attempt to clamp down on cross-border money laundering on a wider European basis.

The move could affect a large section of society who choose to operate solely on a cash basis.

Irish EU Commissioner Mairead McGuinness, who is responsible for toughening anti-money laundering laws, says a much broader view of the problem must be taken, moving beyond large-scale businesses, banks and financial institutions.

Ms McGuinness said the focus must now go on things like car purchases, jewellery, antiques and even more unusual items like funeral charges.

“The proposed measures extend the capping for large cash payments to services too, so that for example funeral services above €10,000 would have to be paid through card or via a bank,” Ms McGuinness told the Irish Independent.

“It is a high threshold, as on average funerals in Ireland cost between €3,000 and €7,500,” she said.

The ban is aimed at tackling money laundering but also comes as European authorities are looking towards an increasingly digital society, including plans for a purely digital version of the euro being examined by the European Central Bank.

The European Union’s heaviest cash users are in Germany and Austria where cash remains king for most consumers.

In Sweden, in contrast, digital payments predominate.

Ireland lies between the two extremes.

Cash use here had been declining in recent years and that accelerated during the Covid pandemic.

Some businesses prefer to deal in cash in order to avoid paying tax on income, however rules that dictate how people can spend money are likely to raise privacy and civil liberties concerns.

Even though cash use is down, Irish consumers withdrew €21.44bn from ATMs last year and it remains particularly popular among older people and people in rural areas, according to the Central Bank.

Earlier this year, the Central Bank warned that stigmatising cash shoppers by only accepting card or digital payments risks increasing social isolation and reduces consumer choice.

Ireland is one of eight out of the 27 EU member states which does not have a limit on large cash payments, although existing anti-money laundering rules here already put a cap on carrying large sums in and out of the country and impose reporting obligations on financial institutions and professionals.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
Trump's Anti-War Stance Tested Amid Israel-Iran Conflict
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Black Box Recovered from Air India Crash Site
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
Syria to Reconnect to Global Economy After 14 Years of Isolation
Israel Confirms Arming Gaza Clan to Counter Hamas Influence
Global News Roundup: From Ukraine's strategic military strikes and Russia's demands and Tensions Escalate in Ukraine, to serious legal issues faced by Britons in Bali and Trump's media criticism, the latest developments highlight a turbulent landscape
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
Iran Warns Europe Against Politicizing UN Nuclear Report
×