The Government will ban cash purchases exceeding NOK 40,000

The Government steps up the fight against money laundering and will introduce a limit for cash payments exceeding NOK 40,000.

– The target of the limit is an inexpensive and non-bureaucratic means to prevent money laundering by purchasing of expensive objects.

The proposal involves no other restrictions on the use of cash as payment, says Minister of Finance Siv Jensen.

The proposal means, according to the Minister of Finance, a significant simplification for dealers in objects, which are currently subject to the Money Laundering Act when they receive more than NOK 40,000 in cash.

Source: NTB scanpix / Norway Today