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Wednesday, February 03, 2016

The Death of Cash

https://global.handelsblatt.com/edition/354/ressort/finance/article/the-death-of-cash

When Roberto Scarpinato, the mafia-hunting Italian magistrate, came to speak at the German parliament in October 2012, you could hear a pin drop in the committee rooms. He came to advise parliamentarians on how to reform money-laundering laws.
“Our information shows clearly that, for some years now, Germany has been one of the Mafia’s favorite places to invest its money,” said Mr. Scarpinato.
One theory says the country is a favorite money-laundering destination because Germans are still so fond of using cash. In 2014, just 18.5 percent of payment transactions in Germany were made with cards, less than any other E.U. country and compared to more than 60 percent in Britain, according to the European Central Bank.

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