Antwerp World Diamond Centre (AWDC) open compliance helpdesk, draw the attention to the New European cash limit! The European Union has decided on a maximum (no minimum) cash limit of 10.000 EUR in every EU member state. Some member states had no cash limit whatsoever or a much higher limit than 10.000 EUR. EU member states can of course still apply a lower limit than 10.000 EUR.
For Belgium, the cash limit remains 3.000 EUR since it complies with the maximum limit of 10.000 EUR. This measure improves the level playing field of Belgian traders in the European Union.
This would be much interested to know for diamond players that, the European Parliament has adopted a package of laws strengthening the EU’s toolkit to fight money-laundering and terrorist financing.
The new laws ensure that people with a legitimate interest, including journalists, media professionals, civil society organisations, competent authorities, and supervisory bodies, will have immediate, unfiltered, direct and free access to beneficial ownership information held in national registries and interconnected at EU level. In addition to current information, the registries will also include data going back at least five years.
The laws also give Financial Intelligence Units (FIUs) more powers to analyse and detect money laundering and terrorist financing cases as well as to suspend suspicious transactions.
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