On Tuesday, June 12th the European Commission published a report on the on the impacts of restrictions on payments in cash. This report is the result of a 2-year consultation on the issue, which included a public consultation as well as the commissioning of an impact study to an external contractor.
This study was part of the Action Plan to further step up measures against the financing of terrorism and the Commission was asked “to explore the need for appropriate restrictions on cash payments exceeding certain thresholds”.
The combined results of the impact study and public consultation speak loud and clear against cash restrictions:
Thanks to these finding, the European Commission “is not considering any legislative initiative on this matter” (p.9).