Currency Associations welcome decision by EU to suspend legislation on Cash Payment Limitations

Currency Associations welcome decision by EU to suspend legislation on Cash Payment Limitations

“No link between cash and the financing of crime and terrorism”

Brussels, June 20, 2018

Associations related to cash and currency ATM Industry Association (ATMIA), European Security Transport Association (ESTA), European Intelligent Cash Protection Association(EURICPA), International Currency Association (ICA) andIntergraf,  welcomed the decision by the EU commission to suspend legislation on Cash Payment Limitations (CPLs). 

With the publication of it’s study on the impact of CPLs issued by the DG ECFIN, the EU Commission announced that it would no longer pursue legislation with the aim of harmonising CPLs throughout the European Union.

The associations welcomed the outcome of the study, which had reached the unequivocal conclusion that there was no data to link the use of cash to “crime and the financing of terrorism”.

This outcome is of little surprise to the associations, during the public consultation last year they submitted academic papers and studies which, empirically demonstrated that cash was no more to blame for criminal activities than any other means of payment. Their submissions also raised the question whether CPLs were compatible with the existing EU laws and treaties.

The associations suggested that the EU focus on ensuring that existing legislation such as the Anti Money Laundering Directive be properly enforced. Consistent law enforcement activities within this legal framework would make additional legislation unnecessary.

According to the latest figures by the World Bank, 139 million Europeans are unbanked or underbanked. CPLs would have meant depriving them of the only means of payment accessible to them for larger purchases, which is not conducive to the aim of financial inclusion.

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