France bans use of cash for more than €1000 ($1060)

The attacks did not cost the perpetrators much and were partly financed by cash, consumer loans and trafficking counterfeit goods, officials say.

“It’s a terrorism that is low cost to carry out but has major impact,” Sapin told a news conference. “This low-cost terrorism feeds on fraud, money laundering and petty trafficking.”

From September onwards, people who live in France will not be allowed to make payments of more than 1,000 euros ($1,060) in cash, down from 3,000 now. The cap for foreign visitors, left higher for reasons that include facilitating tourism, will be cut to 10,000 euros from 15,000.

Any cash deposit or withdrawal of more than 10,000 euros over a single month will be automatically signaled to the Tracfin anti-fraud and money laundering agency.

via France bans use of cash for more than €1000 ($1060).

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