https://nordictimes.com/world/spani...-authorities-ahead-of-major-cash-withdrawals/
Spaniards who want to withdraw €3,000 or more in cash can now only do so if they first notify the country’s tax authorities of their plans.
As usual, the new restrictions are justified by the need to fight organized crime, tax evasion and money laundering at all costs, and anyone wishing to make large cash withdrawals will need to notify the authority on its website, along with some form of electronic ID or digital certificate.
If a receipt from the tax authority cannot be presented, banks also have the right to stop citizens from withdrawing money. Banks are also obliged to report “suspicious transactions” to the tax authorities – including repeated withdrawals below the threshold.
For most people, applying for a cash withdrawal at least 24 hours in advance is sufficient – but those wishing to withdraw €100 000 or more must ask for the tax authorities’ approval at least three days before the withdrawal is to be made.
Anyone who fails to do so, or forgets to tell the authorities that they plan to use cash, will be fined up to 10% of the amount – or at least €600.
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Spaniards who want to withdraw €3,000 or more in cash can now only do so if they first notify the country’s tax authorities of their plans.
As usual, the new restrictions are justified by the need to fight organized crime, tax evasion and money laundering at all costs, and anyone wishing to make large cash withdrawals will need to notify the authority on its website, along with some form of electronic ID or digital certificate.
If a receipt from the tax authority cannot be presented, banks also have the right to stop citizens from withdrawing money. Banks are also obliged to report “suspicious transactions” to the tax authorities – including repeated withdrawals below the threshold.
For most people, applying for a cash withdrawal at least 24 hours in advance is sufficient – but those wishing to withdraw €100 000 or more must ask for the tax authorities’ approval at least three days before the withdrawal is to be made.
Anyone who fails to do so, or forgets to tell the authorities that they plan to use cash, will be fined up to 10% of the amount – or at least €600.
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