A Moscow banker who came to Monaco to buy a watch and maybe some rare coins, using cash, has lost 1,000 euros of the total after a court hearing in Monaco.

The Russian national, legally residing in France, told police officers when arrested for carrying 18,000 euros in cash that he was not aware of local regulations requiring that cash amounts over 10,000 euros be declared on Monegasque territory, local French daily Monaco Matin reported.

Prosecuting counsel demanded that 8,000 euros be confiscated. However, the defendant’s lawyer, Me Mohamed Maktouf of the Nice Bar, pressing the case in the absence of his client, said that the prosecution’s proposal was “extremely severe.”

He continued: “I have supporting documents that this rich man works. If we have not found the origin of his company, I can inform you about the date of its creation in July 2016. He has a resident card valid to stay in Cannes until 2028. There is no question of dirty money. You should know that this Muscovite is a tax resident in his country and that he has made a career in banking.”

Continuing his defence, Me Maktouf said that his client preferred cash to other means of payment, adding that using cash, especially in Russia, means you have a lot of it.