The legal limit for payments in cash by banks in Belgium is to be reduced from the current 15,000 euro to 5,000 euro , Belgian newspapers reported Saturday.
The new measures are aimed at fighting money laundering, according to Belgian Secretary of State responsible for anti-fraud John Crombez .
"The bigger the amount, the greater the risk of fraudulent payments. With a transfer you have a proof of the transaction for cash payments, " Crombez was quoted saying.
He said he intends in 2014 to take a step further and reduce the maximum amount of cash payments to 3,000 euros. The issue is being discussed by the Belgian government.