Latvia to limit cash transactions to €7,200

Latvia plans on limiting cash transactions to €7,200 for individuals as part of a string of law amendments for Latvia's 2017 budget, the Finance Ministry told the press Tuesday.

Currently the same ceiling for cash transactions applies to businesses only.

The amendments also stipulate that institutions subject to the country's money laundering laws will have to report suspicious transactions to the State Revenue Service.

A monitoring mechanism for these institutions would also be established under the amendments.

Another initiative in the package would require notaries to report inheritance of cash or movable property worth over €15,000.

It's expected that the amendments will be sent to Saeima on October 14 with the 2017 budget plan.

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