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The New Money Laundering Act: Another Attempt at Cash Restrictions

In: European Union and Monetary Union in Permanent Crisis I

Author

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  • Dirk Meyer

    (Helmut-Schmidt-Universität)

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”.

Suggested Citation

  • Dirk Meyer, 2022. "The New Money Laundering Act: Another Attempt at Cash Restrictions," Springer Books, in: European Union and Monetary Union in Permanent Crisis I, chapter 0, pages 121-131, Springer.
    • Handle: RePEc:spr:sprchp:978-3-658-38643-6_8
    DOI: 10.1007/978-3-658-38643-6_8
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