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The New Money Laundering Act: Another Attempt at Cash Restrictions

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European Union and Monetary Union in Permanent Crisis I
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Abstract

Cash still plays an important role in Germany, despite various electronic payment methods (credit/debit card). The implementation of the Fourth and Fifth EU Money Laundering Directive in German law has led to a greatly changed Money Laundering Act (GwG). This is associated with a significant expansion of the regulations and a de facto restriction of cash transactions. In particular, credit institutions, but also cash-intensive service providers and retailers will have to meet considerable requirements in the future. Another step is being taken in the direction of the “transparent citizen”.

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References

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Correspondence to Dirk Meyer .

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Meyer, D. (2022). The New Money Laundering Act: Another Attempt at Cash Restrictions. In: European Union and Monetary Union in Permanent Crisis I. Springer, Wiesbaden. https://doi.org/10.1007/978-3-658-38643-6_8

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