Europe To Ban Large Cash Transactions
The European Union Plans to Ban Large Cash Transactions
The European Union is setting the stage to ban Cash transactions of 10,000 Euro or more, in the 25 countries using the Euro Currency. Originally hailed as a method to stop money laundering, but now saying it doesn't work, the previous rule to report Cash transactions of €10,000 or more is being replaced with an outright ban on spending that amount in cash in those countries.
For decades, banks, and then businesses, have had to notify the IRS, and in the case of Europe, its European Union version of the IRS, when a person deposited, withdrew or spent $10,000 or more in cash or "cash equivalents", (ie: money orders & cashier's checks under $10,000). Banks we'll even flag your account at much lower amounts, $3,000., to monitor if a person attempts to deposit or withdraw smaller amounts at multiple branches, totaling $10,000 or more in a 24-hour period. Trying to break a large reportable transaction into several smaller non-reportable ones, a practice known as "smurfing", will cause the bank or business to file a separate Suspicious Transaction Report form, which flags a person for potential additional scrutiny.
At one time, the United States had $500 and $1,000 bills in circulation until they were withdrawn from circulation due to "Anti-Money Laundering" rules. The EU printed €500 notes like the one pictured above, until they too were withdrawn from circulation for the same reason.
Once the European Union implements this new ban on large Cash transactions, it will likely make it easier for the United States to do the same. The Global Central Bankers would love to see any form of money outside of their new digital currency system, and thus their control, be dispensed with. Reducing, and then ultimately eliminating, cash payments is just another step on the road to accomplish that.
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