France scrutinizes cash economy for terror financing

Staff Writer
Columbus CEO

PARIS (AP) — France is limiting cash payments to 1,000 euros ($1,063) and requiring reporting for bank deposits of more than 10,000 euros ($10,635) in an effort to combat the financing of terrorism.

Finance Minister Michel Sapin said Wednesday the idea wasn't to "forbid cash," but he said the system needs more traceability and that people need to be ready to change their habits in order to help prevent more terror attacks like the ones in January that left 20 people dead in Paris, including all three gunmen.

Non-residents — namely tourists with a shopping spree in mind — can spend up to 10,000 euros ($10,635) in cash.

Sapin also called on the rest of Europe to follow France's lead, saying "terrorism cannot be fought in just one country."