The way cash transactions are made has changed. You can still use cash for various purchases, but big buys for specific items are a little different now.

This law dictates that cash transactions on luxury goods over €10,000 are now illegal on our islands. 

With various EU member states already having this law in effect with harsher restrictions, and the European Union in talks to transform this law into an international one, this is not something that was created specifically for the Maltese Islands.

This law helps to fight crimes, reduce the use of drug money, decrease the possibility of money laundering, and reduce tax evasion by creating an obstacle to large cash purchases. 

Check out which items this law applies to below. 

Affecting both buyers and sellers, any transaction exceeding €10,000 for the purchase of vehicles, boats, jewellery, works of art, or property, cannot be carried out in cash. 

The whole point of this law is to reduce the circulation of cash as it is untraceable and thus eradicating the possibility of criminals making use of their cash, aiming to crack down on financial crime.

Aiming to foster a clean economy, all transactions in relation to the previously mentioned high-value items which go over the €10,000 price mark can still be made via card, cheque, or any other payment method. You simply cannot use cash. 

If found in breach of this law, the buyer and seller in question will be seen as aiding and abetting a criminal, therefore those in breach of this law will be met with the appropriate consequence, penalties, and sanctions. 

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