The German government is considering introducing a limit of 5,000 euros ($5,450) on cash transactions in an effort to combat money laundering and financing of terrorism.

Deputy finance minister Michael Meister said Wednesday that Germany would like to see a European solution, but could introduce a national limit if none is achieved, news agency dpa reported. He said "we can imagine a level of 5,000 euros."

Meister said there's "the risk of terror financing and we also have the problem of how to clear up money-laundering offenses properly" when large transactions are conducted anonymously.

Germans tend to use cash more than many other Europeans. Opposition Green Party lawmaker Konstantin von Notz tweeted that trying to limit cash payments "is a new fundamental attack on data protection and privacy."