News and information from Europe πͺπΊ
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Stupid law
Money can be changed into something that isn't money, yet functionally works the same for a single transaction, very easily
Especially if you're already committing crimes
This is as effective as DRM; it hurts law abiding citizens more than those breaking the law
No that's not stupid. It adds a layer of friction for criminals. In Italy where this law already applies for 5000β¬ (before it was 2000) it helps reduce black market.
Source: I used to be paid in cash (illegally) and it was a pain in the ass to do anything so now I get paid lawfully and my boss pays taxes
No thatβs not stupid. It adds a layer of friction for criminals.
True criminals do not care. Mafia do not write invoices to sell/buy drugs or to pay a killer.
Source: I used to be paid in cash (illegally) and it was a pain in the ass to do anything so now I get paid lawfully and my boss pays taxes
Then the problem was not that your boss was paying you in cash but that he had the possibility to pay you under the table without (basically) any kind of risk.
Money can be changed into something that isn't money, yet functionally works the same for a single transaction, very easily
Shops usually don't accept "something that isn't money" as payment.
This measure aims to make it harder for criminals to wash their illicit money using legit businesses.
I don't know how I feel about this. Generally though I think I'm against it even if rich people do abuse whatever. What am I saying I'm definitely against this. They chose to use money, they chose to allow things to cost a lot more than 10,000 pounds but we can't pay with more than 10,000 pounds? Why? So we go through their Banks and bullshit. It's about control I presume.
Under the new rules, businesses and professionals selling goods or services will no longer be allowed to accept or make cash payments of β¬10,000 or more.
This doesn't apply to private transactions, by the way.
Off the top of my head, I can't think of a single example of a legitimate legal business that would be done using cash in that amount.
So while there's definitely a danger of the rules being tightened over time, this specific change here doesn't raise my concern too much.
What bothers me more is the utter lack of any effective measure against the true problem in tax fraud β those who do it at a truly large scale still get away without any punishment or control, and in fact sit at the table when the tax laws are written.
Nobody wants to see oligarchs getting away with cheating tax laws by handing over briefcases of cash, but if this new law does not affect private transactions that wouldn't even affect this.
I wonder what supposed ill this is supposed to cure do we know of any examples of businesses that have cheated taxes or whatever else by paying in cash?
I have known of more than one person that has paid for a house in cash and it was a smart move for them, by the time you get done with the mortgage you might end up paying 4 times more.
Did they actually hand over a bag full of cash?
Cause the other alternative isn't a mortgage, it's a bank transfer.
good to know cash bribes are still accepted
10,000 pounds
The UK is not part of the EU.
Well sure, typo whatever kind of foreign currency. Euros dollars pounds they're all about the same.
In the US the cops just steal it. Then in order to get it back, you have to go to court and prove that your money didn't commit a crime. Yes, really.
https://en.wikipedia.org/wiki/Civil_forfeiture_in_the_United_States
Margarita machines dont pay for themselves.
Yea i love when most police raids for suspicion of drug dealing end up being something along the lines of "we broke into this person house and he had one half smoked joint and 10,000 dollars in bills" which of course means that the money is now proof of crime and belongs to the cops now
Another step towards eliminating anonymous payments and removing citizens' ability to exist without being constantly tracked by the state.
Inflation will do the rest.
As if rich scum haven't been paying each other with "gifts" that were awfully money-shaped already. This fixes nothing.
Good. In Italy we have a 5,000 limit and it indeed prevents some illegal payments.
The limit only make some illegal payments (like under the table payments) only a little more inconvenient, it does not prevent them.
Bad, because running all payments through banking system is a systemic safety risk.
If banking gets paralyzed like in Greece during debt crisis you'll be fucked.
Isnβt organised crime 10% of Italian GDP?
Another step towards the digital EU, where the banks can track all of your movements and the government can deny any purchases they donβt like.
Get fucked.
Hold up, does this effect the ability to purchase outright cars and homes? The article doesn't go into detail about what is considered "goods and services".
Cash here refers to physical currency. It's not mandating that you take a loan for large purchases if that's what you're thinking.