Could Luxembourg soon see cash payment limits?

Could Luxembourg soon see a limit to the amount of cash used for payments, as is currently the case in Bulgaria, Greece and soon Portugal? That was a question asked in parliament on Monday.

MP Laurent Mosar of the CSV party addressed Finance Minister Pierre Gramegna using the example of Bulgaria where the government has now passed a law limiting cash payments to €2,500 from January 2018, and to €500 from 2020. According to Bulgaria, the measures are aimed at "stopping a parallel economy."

In Portugal, the government recently gave the green light to a law limiting cash payments to €3,000.  

According to Gramegna the Economic and Financial Affairs Council has already asked the European Commission to examine the possible imposition of restrictions on cash payments, as a possible measure to combat terrorism financing.

Mosar asked the Luxembourg Finance Minister whether he considered it necessary to restrict cash payments in Luxembourg, and whether he knew what stage the discussions on the matter were at within the European Union. 

He concluded by asking how several member states were already applying measures.

Gramegna now has until September 1 to answer the questions.

(Adam Walder, adam.walder@wort.lu, +352 49939721)