The NEW Sanctions Enforcement Act II (SDG) will enter into force in Germany on January 1, 2023. The law was passed at the end of May 2022. It was voted through by the German government, and among other things it will affect cash payments in some areas, writes Fenix Magazin.

The law stipulates that real estate can no longer be paid for in cash. This also includes land, houses, or apartments. According to SDG II, the ban also applies to cryptocurrencies and certain goods. It was primarily created, as the authorities say, to better combat financial crime in Germany and money laundering.

In November 2022, Federal Minister of the Interior Nancy Faeser called for new rules for larger money transfers. She requested an upper limit of 10,000 euros for cash deposits. “Buying jewelry or watches in cash for 30,000 euros should soon be a thing of the past,” said the SPD politician.

Source: index.hr