As part of the measures to combat money laundering and eliminate financial crimes, a new rule is set to take effect from July 1, 2020, with the aim of strengthening the anti-money laundering regulation. The new rule is set to put a stop to cash deposit over a certain amount, and there are penalties for anyone who violates it. The restriction on the cash payment amount will apply to both natural and legal persons and is expected to be a limit of 3,000 euros. The amount will be reduced to 2,000 euros between July 1, 2020, and 31 December 2021.
People are, therefore, advised to use other alternatives such as wire transfers, payments by debit or credit card and others. Penalties for violating the rule ranges from 3,000 o 50,000 euros. Similarly, on January 1, 2020, a new rule was also introduced to deduct medical and non-medical expenses from Irpef.