Transactions over 10 thousand euros will be banned - The use of cash in commercial transactions is limited
The government sets a new limit on the use of cash in commercial transactions, within the framework of the draft law on the prevention of money laundering and the financing of terrorism. According to the draft, persons trading in goods or providing services may accept or make a payment in cash only up to an amount of 10,000 euros or the equivalent amount in national or foreign currency, regardless of whether the transaction is carried out in a single operation or in several operations that appear to be connected.
The draft law also provides that this threshold may be further lowered by the Ministry of Finance, in cooperation with the Bank of Albania, based on the assessment of risk in the economy.
However, the restriction shall not apply to payment transactions between natural persons not acting in a professional capacity; to payments or deposits made on the premises of credit institutions, electronic money issuers and payment service providers.
Such payments or deposits exceeding the limit shall be reported to the responsible authority within the deadlines and in the form determined by it. Violation of this limit shall be considered an administrative offense, exposing businesses and professionals to fines as provided by law.
On the other hand, the draft provides for flexibility in emergency cases. In situations of force majeure, when electronic means of payment become unavailable at the national level, the Council of Ministers may decide to temporarily suspend the cash restriction until normality is restored.
This development aims to reduce the informal economy and increase the traceability of financial transactions, but is also expected to bring significant changes in the way businesses operate in the country.
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