Article L.112-6 paragraph 1 of the Monetary and Financial Code, as amended following Ordinance No. 2009-104 of 30 January 2009 on the prevention and financial system for money laundering and terrorist financing, the principle of a general prohibition of cash beyond an amount fixed by decree.
The implementing decree No. 2010-662 of 16 June 2010 was recently published (OJ 18 June).
It created an article D.112-3 of the Monetary and Financial Code which provides that the threshold beyond which he is prohibited from paying cash is set at 3,000 euros when the debtor has his domicile in France or when he is acting for the needs of a professional activity.
The upper limit of cash payments is increased to the sum of EUR 15 000 when the debtor proves that he does not have its fiscal domicile in France and that does not act on the needs of a professional activity.
Previously the ban was aimed at professional regulations above 1100 euros for specific operations (rental payments, transport, services, ...).
Generalizing the prohibition of cash beyond a certain sum, France has complied with the third EU directive against money laundering No. 2005/60/EC of 26 October 2005.
Violations of this prohibition are punishable by a fine of 5% of amounts paid in cash (art.1840 J General Tax Code and L.112-7 of the Monetary and Financial Code).
Yann Gallon - Lawyer (assisted by Marie-Laure Lanthir, Student Counsel).
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