To combat money laundering, tax evasion and undeclared work, Italian tax legislation has placed a limit on the circulation and use of cash. Here we explained what are the limits and rules for the use of cash starting tomorrow, July 1, 2020. Today, we respond to readers who ask us if it is possible to withdraw all the money in the bank without being reported.
Can I withdraw all the money in the bank without being reported?
As anticipated tomorrow, cash payments will no longer be allowed beyond the threshold of 1,999.99 euros, under penalty of a fine of up to 50,000 euros. These limits do not include transactions involving the payment and withdrawal of cash to your bank account. Theoretically, therefore, it is possible to withdraw all your money from a checking account. There are no particular minimum deposit restrictions, nor are there any blocks to cash withdrawals.
However, article 3 of the decree of the Financial Intelligence Unit (FIU) states that:
-Banks and the Italian Post Office are required to provide references for the movement of cash money of an amount equal to or greater than 10 thousand euros per month.
Even when the operation is carried out through multiple operations individually equal to or greater than 1,000 euros by the same customer or executor. In addition, the anti-money laundering legislation requires, obligatorily, the presence of an intermediary authorized to withdraw amounts in excess of € 12,500.
The report to the UIF
The bank in front of a customer request to withdraw all the money on the current account must receive clarifications from the same.
If the customer wants to withdraw all the money in the bank to transfer it to another bank on another bank account, he can simply do it with a transfer. Therefore, such a request could be suspect. In addition, if the amount exceeds the allowed limits, routine checks will follow the request to withdraw all the money. Inevitably, banks in the presence of suspicious transactions will have to report money movements to the anti-money laundering authority.