The new year resulted in the coming into effect Italy yet another restriction on the use of cash. In fact, since 1 January the transfer of money is prohibited cash and of bearer securities in euro or in foreign currency, carried out for any reason between different subjects, whether they are natural or legal persons, when the value to be transferred is equal to or greater than 1,000 euro (see Article 49 of Legislative Decree 231 / 2007).
Cash payments up to 999 euros and 5 cents
Therefore, on the national territory it will be possible for Italian citizens to make payments in cash only up to 999 euros and 5 cents, an exact figure resulting from the fact that the ban starts from the threshold of one thousand euros and from 1 January 2018, for reasons related to the costs of producing the 1 and 2 cent coins, the amount to be paid must be rounded up or down to the nearest 5 cents to the amount requested (see article 13 quater of Legislative Decree 50/2017).
Exemption for foreigners
For foreigners who spend in Italy, on the other hand, there is a derogation governed by article 3 of Legislative Decree 16/2012, converted into law 44/2012. Thanks to it, for the purchase of goods and services related to tourism carried out by people with citizenship other than Italian and who reside outside the territory of the Italian State, the limit for the transfer of cash is in fact raised to 15 thousand. EUR.
The waiver of payments is subject, however, to certain obligations imposed on the seller of the good or service purchased, including sending a communication to the agency of Come in and the deposit of the collection the following day at an authorized intermediary.
Fractional payments prohibited
Transfers above the limits, regardless of their cause or title, are prohibited even when they are made by means of several payments, below the threshold, which appear artificially divided. Higher transfers can only be made through banks, Poste Italiane Spa, electronic money institutions and payment institutions.
The legislation anti-money laundering defines what a fractional operation is, defining as such a unitary operation in terms of economic value, of an amount equal to or greater than the limits established by this decree, carried out through several operations, individually lower than the limits, carried out at different times and in a limited period of time set at 7 days. The existence of the fractional transaction remains unaffected when there are elements to consider it as such.
For violations of the provisions on the limitation of cash, a pecuniary administrative sanction from one thousand to 50 thousand euros is applied, with the minimum legal requirement also reduced from 1 January 2022.
All Italian restriction
The only sore point is represented by the fact that this all-Italian restriction inserted in the anti-money laundering legislation could be in contrast with the European Union rules that provide for the mandatory opinion of the ECB on the matter, which had also officially solicited both in December 2019, and his own involvement in May 2020: a request unheard by the Government of the time.