The Use of Cash (Restriction) Regulations (the “Regulations”) have been introduced to combat money laundering and criminal activity in certain sectors involving cash payments.
By virtue of the Regulations, it is now a criminal offence to make or receive payment or carry out cash transactions of €10,000 or more (or its equivalent in any other currency), whether in one transaction or several linked transactions. Anyone guilty shall be liable to a fine of not less than 40% of the sum paid in excess of €9,999.99.
Moreover, company officials acting in contravention of the Regulations, on behalf of a company, may be held personally liable, together with the company for any such breach.
The restriction shall only apply to transactions involving the sale or purchase of;
– antiques;
– immovable property;
– jewellery, precious metals, precious stones and pearls;
– motor-vehicles;
– sea-craft; and
– works of art.
