European Union Seeks To Covertly Push ‘Criminalization’ Of Physical Cash Under New Money Laundering Bill To Stop Terrorism

The EU appears to be trying to siphon physical cash away from residents in the EU under a law that is designed to criminalize money laundering, according to a MEP familiar with the issue.

Under the guise of stimming terrorism, the EU Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) policy was drafted on March 28th, which if passed, would cap large payments and transactions in both physical tender and cryptocurrencies. Part of the law states:

According to the adopted texts, entities, such as banks, assets and crypto assets managers, real and virtual estate agents and high-level professional football clubs, will be required to verify their customers’ identity, what they own and who controls the company. They will also have to establish detailed types of risk of money laundering and terrorist financing in their sector of activity, and transmit the relevant information to a central register.

To restrict transactions in cash and crypto assets, MEPs want to cap payments that can be accepted by persons providing goods or services. They set limits up to €7000 for cash payments and €1000 for crypto-asset transfers, where the customer cannot be identified. Given the manifest risk of misuse by criminals, MEPs want to ban any citizenship by investments schemes (“golden passports”) and impose strong AML controls on residence by investment schemes (“golden visas”).

To detect money laundering schemes and freeze assets in time, national FIUs and other competent authorities should be able to access information on beneficial ownership, bank accounts, land or real estate registers. As certain commodities are attractive for criminals, MEPs also want member states to aggregate information on ownership of goods such as yachts, planes and cars worth over €200 000 or goods stored in free zones.

MEPs agreed that beneficial ownership means having 15% plus one share, or voting rights, or other direct or indirect ownership interest, or 5% plus one share in the extractive industry or a company exposed to a higher risk of money laundering or terrorist financing.

The bill proposes, which would also include other heavy penalties and stricter oversight over the offender(s).

So far it appears the sentiment in the EU Parliament is that of acceptance and praise:

After Russian oligarchs were placed on the EU sanctions list, we witnessed superyachts, airplanes, and race cars rapidly moving outside of EU borders. Authorities were not able to prevent this, proving once again that EU countries have a hard time finding out who the real owner is when it comes to high value goods and real estate.

That is why the S&Ds have successfully fought for centralised registration of expensive cars, boats, and planes, and for the mandatory disclosure of all goods stored in free zones or customs warehouses. At the same time, the S&Ds have put emphasis on restoring access to beneficial ownership data for journalists and civil society organisations.

We have also introduced strong safeguards for fundamental rights, like a fundamental rights officer in every financial intelligence unit. I am proud of this work and look forward to EU member states joining our efforts in beefing up the fight against money-laundering.

Paul Tang, MEP and LIBE negotiator on the EU anti-money laundering legislation, said

However MEP Gunnar Beck, a representative for the populist Alternative for Germany (AfD) party, believes this bill is covertly being used to usher in the “criminalization” of cash transactions in the name of stopping terrorism and scheming.

In a statement to Breitbart Europe, Beck explained that the Parliamentary was happy to introduce regulations to address money laundering and terrorist funding, but rejected the calls to remove the cash penalties.

While we should focus on money laundering by organized crime and Islamist terrorists, the EU chooses to tighten its surveillance of German savers and pensioners transactions. This is a mistake.

Beck said, asserting that his party is really only one of the few left actually calling these actions into questions, while other so-called right-aligned groups are siding with these money caps. AfD is now the “only party defending cash freedom,” Beck stated .

‘The populist representative also expressed concern about the nature of the measures Brussels is looking to pass, with the fact that Eurocrats have reportedly decided to opt “for a regulation instead of a directive” meaning that individual nation-states will not be able to avoid having to implement the anti-cash reforms, even if they want to protect the use of physical legal tender within their own countries,’ Breitbart explained.

Beck did note that the stipulations could have been a lot worse than they are now.

Fortunately, the rapporteurs’ original proposal of €3,000 was increased significantly, also thanks to pressure from the AfD in the negotiation process.

Beck said, but added that he and his party would have preferred to see the suggested limit remain at €10,000.

More nations around the world are moving to restrict large sum transactions. For example The WinePress reported last year that Israel has banned transactions over $1,700; or Nigeria has restricted ATMs and tellers from withdrawing more than $45 at a time.

Breitbart concluded in their report that other Western nations are restricting large cash transactions as well:

The move to restrict cash transactions within the bloc appears to be part of a larger trend in Europe and the West more broadly, with Australia being one of the first nations to declare it was implementing a ban on cash transactions of 10,000 AUD (~$6,600) or more.

Other European nations already have such measures in place, with the Netherlands banning cash transactions of over €3,000.

Things are even more strict in France, where residents of the country are legally prohibited from paying for goods or services with cash where the transaction would amount to over €1,000, a figure that even prices out many modern electronic devices, such as laptops and smartphones.

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AUTHOR COMMENTARY

A prudent man foreseeth the evil, and hideth himself; but the simple pass on, and are punished.

Proverbs 27:12

This is again why I have emphasized to readers to realize the situation and war being silently yet waged in broad daylight against us. Limit your exposure to the banks and be your own bank, and only keep the minimums required to have an account to pay bills, make online transactions, and run a company; and to also be diversified and have multiple banks, which, while tedious and monotonous, is a way to defeat this.

Furthermore, to have extra food, water, clothing, ammo and weapons, ability to make fire, filter water, and so on; would be wise to have on hand.

This is paving the way for a CBDC, no doubt.

SEE: Red Alert: Federal Reserve Set To Launch “FedNow” Digital Payment System To Usher In CBDC

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[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).

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