Focus carried an update this morning.....over this new rule the EU is proposing....limiting all cash situations to 10,000 Euro, period.
What makes this important? The EU says there's too much money-laundering going on.
Do European countries already have some rules in place? Yes....examples, Greece has a rule that you can only walk in and do a deal with 500 Euro in cash.
Affecting Germany? Well....German and Austria both have no rules over cash situations. You could walk in and conclude a home-purchase deal, and lay 350,000 Euro in cash on the table.
Would this rule stop all money-laundering? Most people in general....think that it'd just trigger the money-laundering folks to rethink their strategy, and invent a whole new method.
If you went to most working-class Germans....they'd tell you that in an average year.....they never moved more than 500 Euro a month around in terms of 'cash'. On occasions....like paying for airline tickets....it's all electronic transfer.
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