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Payments in excess of EUR 5,000 no longer in cash

2014-02

The National Assembly adopted the Act Amending the Prevention of Money Laundering and Terrorist Financing.

Act, with which the threshold for cash transactions is lowered from EUR 15,000 to EUR 5,000. Payment of goods and services above this threshold can now only be executed via supervised credit and financial institutions.

The Government believes that the adopted amendments will provide a better overview of the cash flows of an individual commercial entity, and ultimately make it easier to locate the source of unlawfully gained proceeds and improve the possibility of its seizure or confiscation at a later time.

The general tendency of the international community in the area of implementing preventive measures related to money laundering and terrorist financing is to limit cash payment as much as possible to improve the possibilities of tracing the source of funds.

Authors

Picture of Sasa Sodja
Saša Sodja
Attorney-at-Law
Ljubljana