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German plan to impose limit on cash transactions met with fierce resistance

Published: February 8, 2016
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Source: London Guardian

A plan to introduce a limit on cash transactions in Germany has been met with fierce resistance across the country.

Proposals to ban cash payments of more than €5,000 (£3,860) to combat money laundering and the financing of terrorism were revealed by the German finance ministry last week. They face opposition from a broad alliance of political parties as well as the country’s bestselling newspaper.

The Bild published an open letter on Monday entitled “hands off our cash”, which, in keeping with the analogue theme, it encourages readers to sign, cut out and post to the finance minister, Wolfgang Schäuble.

Political groups ranging from the Green party to the liberal Free Democrats to rightwing Alternative für Deutschland have condemned the proposed measures, which also include a ban on €500 notes, as an attack on data protection and privacy.

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