In April, the European Parliament adopted a regulatory packagewhich is intended to help combat money laundering and terrorism financing. EU regulations will primarily affect our purchases, as they will introduce a pan-European limit on cash payments of EUR 10,000. euro (i.e. approx. PLN 43,000 at the current exchange rate). But that's not the end.
Above this amount there will be control. When will the new EU regulations come into force?
Cash transactions over 3k euro (approx. PLN 13,000) will be subject to control and supervision. Shops will be required to check the customer's identity and, if necessary, report suspicious behavior. The regulations are to come into force in 2027.
The adopted regulations also introduce stricter rules for “ultra-rich” individuals whose total assets exceed PLN 50 million (excluding their main place of residence) – we read in the European Parliament's statement. In addition, dealers in luxury goods such as precious metals and stones, jewelers, watchmakers and goldsmiths, dealers in luxury cars, aircraft and yachts, and cultural goods (e.g. works of art) will have to exercise “due diligence” during transactions.
The new rules ensure that those with a legitimate interest, including journalists, media workers, civil society organisations, relevant state authorities and supervisory authorities, will have immediate, unedited, direct and free access to beneficial ownership information held in national registers, which will be interconnected at EU level. In addition to current information, the registers will also contain data going back at least five years
– it was emphasized.
Cash Payment Limit: Polish Government Supports EU Rules
EU regulations will mean that consumers will no longer be able to buy a new car for cash. They will also not be able to pay for a major renovation this way. The Polish government has expressed support for the new EU regulations.
“In the current unstable situation of increased threats in the security sphere, the Government of the Republic of Poland considers it justified to strengthen and unify the EU legal framework in the area of combating money laundering and terrorism financing as a solution that provides an opportunity to eliminate existing gaps and tighten current regulations, and thus, hinder criminal activity in this area” – Minister of Finance Andrzej Domański commented in March 2024.