
Last week the European Union came to an agreement to limit cash payments to €10,000 in an effort to combat money laundering.
The rules still need to get approval from members of the European Council and also be voted on by the European Parliament, which means that they could take years to come into force.
Hopes are that the rules will but a squeeze on illegal transactions and money laundering, including through cryptocurrency, and assist financial investigators by enabling them to suspend suspicious transactions.
If passed, providers of cryptocurrency and various crypto-assets will be required to conduct better monitoring of transactions that are valued at €1,000 or above.
For Greece and for several other European countries, the new rule is not expected to face resistance, as they already have lower limits for cash transactions. For example, France has a €1,000 limit and Greece, where tax evasion is many times higher than Germany and Austria, has a limit of just €500.
The new rule however is expected to make waves in Germany, which is known for its limited use of credit cards and preference for cash, even for big purchases like cars.
Source: tovima.com


Latest News

Jerry Kalogiratos Highlights Key Role of Energy Transition and Data Demand in LNG Outlook
Energy transition and the prospects of LNG were discussed at Capital Link’s 19th Annual International Maritime Forum, during a panel discussion with Jerry Kalogiratos (Capital Clean Energy Carriers Corp.)

Santorini Safe and Ready for a Dynamic Tourism Season
Authenticity, cultural heritage, and genuine experiences at the center of Santorini's new promotional campaign

Electricity Bills: Greece Announces Reduced Tariffs Schedule
Greece will now offer lower electricity rates between 11:00-15:00 and 02:00-04:00

Chevron Confirms Eyeing Natural Gas Exploration South of Crete
Chevron recently declared its intent to explore a third area, south of the Peloponnese.

Evangelos Marinakis: A time of change from which shipping can benefit
Speaking at the 19th Annual Capital Link International Shipping Forum Evangelos Marinakis stressed the challenges that shipping faces today

Retail Trade in Greece Up 2.5% in December 2024: ELSTAT
In January 2025, the General Turnover Index recorded a 2.5% increase compared to January 2024. Compared to December 2024, it recorded a significant decline of 18.4%

Greek Fruit and Vegetable Exports Surge
Greek exporters have expressed concerns over a new draft law in Bulgaria that mandates at least 50% of products in stores to be of Bulgarian origin.

Trump Tower in Greece? Speculation Grows Over Potential Investment
In 2007, the Trump Organization explored the possibility of constructing a skyscraper complex and casino at the former Ellinikon Airport site in Athens

Was Aristidis Alafouzos, CEO of Okeanis Eco Tankers, cheering over extra earnings from carrying ‘sanctioned’ Russian oil?
Okeanis CEO Aristidis Alafouzos tried to give assurances that the company was not carrying sanctioned Russian oil - Recently published data point to the opposite

Tax Filing in Greece Surpasses Expectations
Taxpayers who submit their returns by April 30 will benefit from an increased tax discount of 4% if they opt for a lump-sum payment by July 31, 2025