Recently, France
decided to crack down on those people who make cash payments and
withdrawals and who hold small bank accounts. The reason given was, not
surprisingly, to “fight terrorism,” the handy catchall justification
for any new restriction governments wish to impose on their citizens.
French Finance Minister Michel Sapin stated at the time, “[T]errorism
feeds on fraud, money laundering, and petty trafficking.”
And so, in future, people in France will not be allowed to make cash
payments exceeding €1,000 (down from €3,000). Additionally, cash
deposits and withdrawals totaling more than €10,000 per month will be
reported to Tracfin—an anti-fraud and money laundering agency.
Currency exchange will also be further restricted. Anyone changing over
€1,000 to another currency (down from €8,000) will be required to show
an identity card.
Do you need to make a deposit on a car? That might be suspect. Did you
just deposit a dividend you received? It might be a payment from a
terrorist organisation. Planning a holiday and need some cash? You might
need to be investigated for terrorism.
