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Tuesday, December 6, 2022

Cash limit: Consumer advocates criticize Nancy Faeser’s idea

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Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
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Federal Interior Minister Nancy Faeser had spoken out in favor of a limit of 10,000 euros for cash payments in order to combat money laundering. The consumer center Federal Association criticized the proposal.

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The Federation of German Consumer Organizations (VZBV) has criticized Interior Minister Nancy Faeser’s (SPD) push for a general upper cash limit. “The state must take effective measures against money laundering, there is no question about that,” said Dorothea Mohn, head of the financial market team at VZBV, the “Handelsblatt”. “But it is not good to place cash users under general suspicion and restrict their actions.”

Faeser wants a cash limit of 10,000 euros

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With a view to fighting organized crime, Faeser had spoken out in favor of introducing a limit on cash payments of 10,000 euros.

The money laundering expert of the SPD parliamentary group, Sebastian Fiedler, defended the initiative of the interior minister. “Technically, there is not the slightest doubt that the introduction of a general cash limit is a very effective tool to make money laundering more difficult,” he told the “Handelsblatt”.

In the gallery: Teaching children how to deal with finances is not that easy. With these tips you can succeed.

Source: Stern

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