Introduce a cash limit of SEK 10,000
News, Consultation responses The Government should take the opportunity to introduce a lower limit for cash payments than the EUR 10,000 required under the new EU legislation, according to the Riksbank in its response to the consultation paper on the EU’s anti-money laundering package.
A government memorandum sets out the legislative proposals required to bring Swedish law into line with the EU’s anti-money laundering package, which comes into force in July 2027. The Riksbank welcomes the implementation of the EU’s new anti-money laundering regulations and believes that the reforms will strengthen efforts to combat money laundering and the terrorist financing.
However, the Riksbank believes that the Government should make use of the option explicitly provided in the anti-money laundering regulations to introduce a significantly lower limit for cash payments in retail transactions than the EUR 10,000 required under EU legislation. According to the Riksbank, an appropriate level in Sweden is SEK 10,000.
Such a limit is expected to have little practical impact on the highly digitalised Swedish payments market, whilst reducing the risks of money laundering, tax evasion and other financial crime.