France's New Bank Transfer Law: A Crackdown on Tax Evasion?

France Implements New Bank Transfer Rules: Aimed at Curbing Tax Evasion and Money Laundering France is set to introduce stricter regulations on bank transfers starting in 2026. Under the new law, any bank transfer exceeding €300 between close family members or friends will require justification. The measure, announced by Interior Minister Bruno Retailleau, aims to combat tax fraud and money laundering. The government believes that this will help to clamp down on illegal activities and ensure that taxes are paid fairly. "This new law is a necessary step to protect our financial system," said Retailleau in a recent press conference. "It will allow us to better track the flow of money and identify those who are trying to evade taxes." Banks will be required to report any transactions that exceed the €300 threshold without proper justification to the Directorate General of Public Finances. This will allow authorities to investigate suspicious activity and take appropriate action. While the new rules may inconvenience some individuals, the government argues that the benefits of increased tax revenue and reduced crime outweigh the costs. The implementation of this law is expected to be closely watched by other European countries, many of whom are facing similar challenges with tax evasion and money laundering.