Spain to decree fines on cash transactions over 2500 euro

Secretary of State for Finance, Michael Ferre, stated on Thursday that both the payer and the recipient of cash payments in excess of 2,500 euros will be sanctioned by the measure including the Government's draft bill to be approved tomorrow the Council of Ministers. During a luncheon organized by the Association of Financial Journalists (APIE), Ferre has not specified whether the fine, initially set at 25% of the cash payment made ​​will be split between payer and receiver or if everyone has to bear the 25% of that amount. "Tomorrow I know," said Ferre, who explained that the Treasury set the limit at 2,500 euros because it believes that this figure mark certain operations "entity" should not be paid with "a wad of cash."