Cash payments of more than 10,000 euros will be banned in the EU in the future. Negotiators from the European Parliament and member states agreed on Thursday morning on EU-wide anti-money laundering regulations, which are intended to close loopholes in national legislation. Luxury goods dealers must also check the identities of their customers and report suspicious transactions to authorities.
The stricter rules will apply to trade in jewelry, luxury cars, private planes and ships, among other things.
Football clubs also fall under the new law
According to the agreement, financially strong football clubs such as Bayern Munich and Borussia Dortmund will also be subject to the new law from 2029. Professional football, with its billions in investments from third countries, is seen as a possible gateway to money laundering in Europe.
Cryptocurrencies and banking transactions of the super-rich are also in their sights
Authorities should also keep a closer eye on cryptocurrencies and the banking transactions of the super-rich with assets of at least 50 million euros. Owners of companies with at least a quarter share must be registered throughout the EU. This is partly intended to prevent Russian oligarchs from circumventing EU sanctions as a result of the attack on Ukraine.
“Member states lose billions of euros”
Stricter anti-money laundering rules for cryptocurrencies, banks, oligarchs and football clubs are “long overdue,” European Parliament negotiator Eero Heinäluoma stressed. A uniform EU-wide framework closes national loopholes. “So far, Member States have lost billions of euros,” the Finnish Social Democrat explains.
European Anti-Money Laundering Authority: Vienna applies for seat
The law still needs to be formally approved by the European Parliament and the Member States. National authorities will be responsible for monitoring the new rules, coordinated by a new European Anti-Money Laundering Authority (Amla). The seat of Amla will be determined this year and Vienna has also registered for it.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
