EU Steps Up The Pace For Cashless Society In 2017/18

On the 23rd January 2017 the EU Commission issued the “Commission Initiative Roadmap” for 2018 regarding the step up fight against the financing of terrorism, also known as its ‘Payments Restriction Initiative’ or as we are reading more often, the cashless society. This document is an extension of  the communication document dated February 2016 (COM-2016/50) and updated to include new regulations for member countries to implement and future intentions by the Commission.

The policy looks to the “Regulation on the controls of cash entering or leaving the Community  and relevance of potential upper limits to cash payments.” The Action Plan states that “Payments in cash are widely used in the financing of terrorist activities.” In its conclusions on the fight against terrorism, the Economic and Financial Affairs Council of 12 February 2016 called on the Commission

“to explore the need for appropriate restrictions on cash payments exceeding certain thresholds. In particular the Proposal for an amendment of the Anti-Money Laundering Directive2 (COM (2016) 450), which introduced stricter transparency rules and other measures targeted specifically at terrorism financing. Furthermore, the initiative should be seen in conjunction with the ECB’s decision of 4 May (20163) to discontinue the production of the EUR 500 banknote and stop the issuance of this denomination by around 2018 to address concerns that these notes could be used in financing illicit activities.”

 

Read More: EU Steps Up The Pace For Cashless Society In 2017/18 | Global Research – Centre for Research on Globalization