The European Union (EU) is facing criticism for its new anti-money laundering laws that may lead to the “criminalization” of physical cash, according to a report from Breitbart.
Dr. Gunnar Beck, a representative for the Alternative for Germany (AfD) party, expressed concerns that the EU’s push for the curtailment of cash transactions could lead to the criminalization of its use.
EU lawmakers have proposed a ban on transactions over €10,000, but the European Parliament voted to reduce the limit to €7,000 as part of efforts to combat money laundering and tax evasion.
Officials have also voted to ban cryptocurrency transactions worth over €1,000 for goods and services.
While some EU politicians see these measures as necessary to curb criminal activities in Europe, Dr. Beck, a lawyer and legal philosopher, argues that they go too far.
“While we should focus on money laundering by organized crime and Islamist terrorists, the EU chooses to tighten its surveillance of German savers and pensioners transactions,” he said. “This is a mistake.”
Although the AfD welcomes efforts to tackle money laundering and terrorist financing, the party rejects the parliament’s call to restrict cash transactions.
Beck also expressed concerns that the EU is opting for a regulation rather than a directive, meaning individual countries will not have the option to avoid implementing the anti-cash reforms.
He noted that the EU parliamentarians rejected a proposal to lower the cash transaction limit to €3,000 before settling on €7,000.
“Fortunately, the rapporteurs’ original proposal of €3,000 was increased significantly, also thanks to pressure from the AfD in the negotiation process,” he said.
The AfD is now the “only party defending cash freedom” in Germany, according to Beck, with members of other right-leaning parties in the country allegedly voting in favor of cash restrictions despite criticizing similar measures at home.
