Fabian Demicoli

GRTU Members Consultation on Cash Transaction Limit Proposal

As a follow-up to the Budget 2015 Speech proposal whereby it was stated that the Government is aiming at furthering a National Strategy towards Electronic Payments in order to combat tax evasion and money laundering avenues, GRTU members were given an overview of an FIAU (Financial Intelligence Analysis Unit) proposal limiting cash transactions.

The measure is intended to:

a) Reinforce Malta’s Anti-Money Laundering Framework

b) Cut down on cash hoarding

c) Potential reduction in crime (e.g. hold-ups, etc.)

d) Combating Tax Evasion

e) Increasing Payment Traceability

f) Ensuring a more efficient and safer payment environment

The proposal is to make cash transactions above a specific amount decided upon by the Finance Minister illegal. The amount is to be no more than €15,000, however the proposal being put forward sets the limit at €10,000. This refers to cash transactions which are single transactionsbut also if they are linked transactions. Anyone caught contravening shall be fined between 15% and 40% of the amount exceedingthis said threshold. There shall also be an obligation upon which a subject person who knows or suspects of such transactions in cash has to inform the respective authorities immediately.

GRTU members are asked to send their feedback to GRTU or inquire for further information on   by not later than 13th July 2015. This will allow GRTU to include this in its feedback.

 

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