European Union Passes Law To Restrict Cash Transactions And Crypto Transfers Of €1000, As Bloc Plans To Soon Release CBDC

The WinePress reported on this move in late-March when the bill was drafted, called the EU Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) policy.

The legislation threatens to cap payments of “up to €7000 for cash payments and €1000 for crypto-asset transfers, where the customer cannot be identified,” the EU says on their website. Other high-ticket and luxury items are to be heavily monitored, by aggregating “information on ownership of goods such as yachts, planes and cars worth over €200,000 or goods stored in free zones.”

The description reads:

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).

On April 19th, deliberations began on whether or not to adopt these policies. The day proceeding, the bill passed by a wide margin of 529 votes in favour to 29 against and 14 abstentions. The bill will take effect 20 days from the date the bill was passed.

According to the official text of the bill itself, it says:

In order not to impair the efficiency of payment systems and in order to balance the risk of driving transactions underground as a result of overly strict identification requirements against the potential terrorist threat posed by small transfers of funds,

the obligation to check whether information on the payer or the payee is accurate should, in the case of transfers of funds where verification has not yet taken place, be imposed only in respect of individual transfers of funds that exceed EUR 1000, unless the transfer appears to be linked to other transfers of funds which together would exceed EUR 1000, the funds have been received or paid out in cash or in anonymous electronic money, or where there are reasonable grounds for suspecting money laundering or terrorist financing.

Similar rules apply to crypto-wallets, too, according to the bill.

However, the EU and many of the rapporteurs only wanted to highlight the crypto restrictions and not the cash mitigation and monitoring.

In the initial report by The WinePress, some MEPs said they fought against this bill and want the cash stipulations removed, but to no avail, but did say that the cap could have been a lot more restrictive.

Interestingly enough, Christine Lagarde, President of the European Central Bank, revealed in a video that in the future these cash restrictions could be even tighter.

We are considering whether for very small amounts, anything that is around €300 or €400, we could have a mechanism where there is zero control, but that could be dangerous.

This revelation was made when Lagarde was, apparently, pranked into thinking she was having a private chat with Ukrainian President Volodymyr Zelensky. Something like this happened last year when former U.S. President George W. Bush was also tricked into divulging cryptic information and his real thoughts about Ukraine and Russia.

But this move by the EU comes at a time when they are also looking to rapidly rollout their own central bank digital currency (CBDC). By their estimates released in February, they expect to launch their realization phase by the fall of 2023.

SEE: European Central Bank Partners With Amazon And Other Companies To Trial Digital Euro

The U.S. Federal Reserve is set to launch their FedNow platform this July, facilitating instant payments and transfers, and will act as a springboard for their own CBDC.

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AUTHOR COMMENTARY

Will these Cretans in the EU be subject to their own law? Of course not, they never are. “It’s a big club and you ain’t in it!” But, in the name of fighting so-called terrorism, €1000 could now get you in trouble with the police.

The rich ruleth over the poor, and the borrower is servant to the lender.

Proverbs 22:7

Other countries are doing similar things as well, such as Israel capping off cash payments at $1,700, and Nigeria capping ATM and bank-teller transactions at $45.

While mainstream and alternative media are continuously pointing at Russia and China being the bid-bad boogiemen, the sheeple are so blind and deaf that they cannot realize this happening too right underneath their own noses; henceforth why the broad masses will readily accept a CBDC, social credit score, vaccine passport, digital ID, food ID, internet behavioral score, and more. Sure, maybe not at first, but when these central banks decide to perform a massive rug pull on the fake and manipulated economy, and the people are begging for bread; then the people will accept anything.

In the meantime, continually stay focused and be aware of what’s going on. Detach from the system, be your own bank, and continue to use cash as best as you can.

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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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