Belgium to reduce cash payments by banks to 5000 euros

The legal limit for payments in cash by banks in Belgium is to be reduced from the current 15,000 euro to 5,000 euro , Belgian newspapers reported Saturday. The new measures are aimed at fighting money laundering, according to Belgian Secretary of State responsible for anti-fraud John Crombez . "The bigger the amount, the greater the risk of fraudulent payments. With a transfer you have a proof of the transaction for cash payments, " Crombez was quoted saying. He said he intends in 2014 to take a step further and reduce the maximum amount of cash payments to 3,000 euros. The issue is being discussed by the Belgian government.