this post was submitted on 24 Jul 2024
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Privacy
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I'm a huge privacy advocate, but on this issue I'm with the regulators. 3k EUR is plenty. More than the harmonized monthly average salary of the EU, in fact, which sits at below 2,200 EUR (source).
So people who value their privacy that much can easily receive their salary in cash and take care about their daily expenses without compromising anything.
For the odd purchase beyond that, the integrity of our society prevails. Money laundering and tax evasion are a major concerns everywhere in the world. Your advocacy pro-privacy actively harms honest taxpayers and governing bodies.
Because of inflation, it's not going to stay 3k. All rules of this type have fixed amounts that never get updated and every year encompass more transactions.
Anti-money laundering provisions in the EU have been adjusted several times though, so there's a precedent.
It's impossible to define the amount in relative terms such as "average EU monthly salary +25%", because that would simply make it impractical in everyday use when the amount changes every month.
Adjusted to give more leeway? Can you cite a source on this happening
I'll find one for you later, just heading to the office. But from working as a financial auditor in the past, I know that the AML provision used to be 10k EUR for transfers abroad, and was later increased to 12.5k EUR.
It’s not impossible. Indexes are published. This is what they do with rent in places where rent is controlled. Landlords cannot increase rent more than an index. So they have to do the math. And in this case it’s not even a variable baseline like rent, it’s fixed, so the calculation can also be published so people need not do any math.