(Boursier.com) – Finish the discretion and anonymity payments extras in cash … According to a decree published in the Official Gazette of June 27, it will be forbidden to pay in cash or by money e any amount exceeding 1,000 euros. The French state applied by the directive of the Monetary and Financial Code concerning the prohibition of cash payment of certain debts. The measure, announced by the Minister during the presentation of the plan against terrorist financing March 18, 2015, had been reaffirmed at the National Committee for the Fight against Fraud June 23. This text, which lowers the payment threshold in cash, will come into effect from 1 September 2015.
Strengthening the tracking of financial flows
The adjustment of 3,000 euros to 1,000 euros the maximum amount of cash payments “aims to strengthen the fight against illicit financial circuits that use of anonymous payment systems.” With this legislative strengthening Bercy therefore endows better opportunities to tracing financial flows, especially those from parallel circuits or concealed as drug trafficking, illegal work, or tax evasion. To justify the introduction of this threshold lowering, Michel Sapin also states that “the decree draws the consequences of the prohibition of cash payment for the purchase of metals,” and removes the threshold of 500 euros relating to purchase of ferrous and non-ferrous
“Draw suspicious transactions very early”
Following the publication of this decree, Michel Sapin said in a statement. “The objective of this measure is to limit the share of anonymous transactions in the economy that can match the actions of fraud, money laundering or terrorist financing “. The Minister for Finance and Public Accounts, he stresses: “The first aim is to roll back the cash and anonymity in the French economy We need to be able to trace suspicious transactions must be very early.. tighten the net “.
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