EU legislation to ban cash payments over €10,000 is being considered in an attempt to clamp down on cross-border money laundering on a wider European basis.

As reported in the Irish Independent, cash payments over €10,000 for transactions such as car purchases, home improvements or funeral bills will be banned under EU rules expected to come into force within three years. 

A high value dealer under the UK Money Laundering Regulations is any business or sole trader that accepts or makes high value cash payments of €10,000 or more (or equivalent in any currency) in exchange for goods. You must not accept or make a high value cash payment until you have registered as a high value dealer with HMRC. Guidance for high value dealers to meet their requirements for money laundering supervision can be found here.