NETHERLANDS: A BAN ON CASH PAYMENTS OF €3,000 AND MORE

On 13 October, NautaDutilh published an article saying that the Dutch government has drawn up a joint ‘Plan of action Anti-Money Laundering’ including various measures to increase the barriers to money laundering.  One of the proposed measures is to limit large cash payments – there is currently no maximum for cash payments in the Netherlands. Now a draft law includes a total ban on cash payments of €3,000 or more for traders, and that ban cannot be circumvented by means of several individual cash payments. It is said that, given that the Council of Ministers approved the bill on 25 September and will forward it to the Council of State, it still seems feasible for the ban to enter into force by 2021.

https://www.nautadutilh.com/en/information-centre/news/legislative-bill-prevention-of-money-laundering-act-a-ban-on-cash-payments-of-eur-3000-and-more-for-traders

I had omitted the following link (as it did not seem to generate much interest!), but it seemed time to add it again and say that, if you would like to make a (polite) gesture and help me with my removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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