ARTICLE · 10 NOVEMBER 2021

Use Of Cash (Restriction) Regulations

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Back in March 2021, the use of Cash Regulations came into force on the 9th of March 2021 by virtue of Legal Notice 81 of 2021.

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Back in March 2021, the use of Cash (Restriction) Regulations (Subsidiary Legislation 373.04) (the “Regulations”) came into force on the 9th of March 2021 by virtue of Legal Notice 81 of 2021. These Regulations were introduced with the primary aim being to restrict the use of cash for certain payments and transactions in order to combat money laundering and other criminal activity within those particular economic sectors that are susceptible to be used for money laundering purposes.

Regulatory Context

According to these Regulations, it is now deemed a criminal offence to either make or receive any payment or carry out a transaction in cash amounting to or exceeding ten thousand euro (€10,000) or its equivalent in any other currency, whether in one single transaction or via several linked transactions. The term “linked transactions” is defined within the Regulations as consisting of two or more transactions which (i) are performed by the same individuals, (ii)

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