EU finance ministers called on the European Commission to examine the possibility of restrictions on cash payments above a certain limit, in order to fight the financing of terrorist groups. They also want to examine the risks associated with bank note of 500 euro.
The Ministers of Finance met on Friday in Brussels to discuss the European Commission’s in early February action plan, which aims to cut off terrorist groups from funding sources. This is another of the initiatives as a consequence of last year’s attacks in Paris.
– We want to invite the European Central Bank, to studied the rotation cash and the availability of 500 euro banknote – told reporters the Minister of Finance who has the presidency of the Netherlands Jeroen Dijsselbloem. He emphasized that banknotes of high denomination and large amounts of cash are used to finance terrorism.
The conclusions of the meeting of the ministers called on the ECB to put forward proposals on this matter until 1 May. According to data from the European Central Bank, which cites Reuters, nearly one-third of cash transactions in euros was realized with the help of banknotes 500 euros.
In addition to activities commissioned ECB ministers also want the European Commission to examine the possibility of restrictions on cash payments is exceeded appropriate threshold. The documents after the meeting did not, however, how big it would be.
Zostrzenie rules for using the bank prepaid cards
Presented last week plan to the European Commission already provides tightening rules for using the bank prepaid cards (prepaid), including the verification requirements of customers. He also assumed the tracking of financial flows to terrorist activities and preventing the transfer of funds.
Reuters points out that the 500 euro note with one of the highest cash value in the world. In the United States the highest denomination, or $ 100 is worth more than five times less.
The demands for the withdrawal of the nominal value of 500 euros already appeared earlier in connection with the use of it by criminal groups, the corruption, money laundering practices .
the purple-pink “Five Hundred” is rarely taken by the service centers, petrol stations and shops in the euro zone acting problem both for retailers and for having her customers.
PAP, Celebrating
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