© dpa
The cash crackdown also includes new monitoring provisions, requiring banks to report cash deposits, transfers, or withdrawals exceeding 10,000 euros to the government, requiring the presentation of identification for currency transfers exceeding 1,000 euros, and requiring banks to add small bank accounts to a national database. The new policies also include restrictions on the use of pre-paid cards.
Sapin said that the controls are necessary to "fight against the use of cash and anonymity in the French economy," which he says are leading to a form of "low-cost terrorism." He explained his views further in a press conference on the new rules and said, "It's a terrorism that is low cost to carry out but has major impact... This low-cost terrorism feeds on fraud, money laundering and petty trafficking."
Joseph T. Salerno at the Mises Institute wrote a sarcastic critique of the new controls and said, "It was just a matter of time before Western governments used the trumped up 'War on Terror' as an excuse to drastically ratchet up the very real war on the use of cash and personal privacy that they are waging against their own citizens... It seems the terrorists involved partially financed these attacks by cash, as well as by consumer loans and the sale of counterfeit goods. What a shockeroo! The terrorists used cash to purchase some of the stuff they needed — no doubt these murderers were also shod and clothed and used cell phones, cars, and public sidewalks during the planning and execution of their mayhem. Why not restrict their use?"
Comment: It's always about the safety of the public, isn't it? Never mind the looming spectre of worldwide economic collapse, the fact that most banks have almost zero cash on hand and Big Money's fear of a planet wide bank run. Banks keeping you away from your own cash is a benefit to society.