The EU Parliament confirmed new anti-money laundering rules on Wednesday. Cash payments of more than 10,000 euros will be banned in the EU in the future. In addition, luxury goods retailers must report suspicious transactions to authorities.
They must also verify the identity of their customers. The trade in jewelry, luxury cars, private planes and ships is affected. In turn, authorities should more closely monitor cryptocurrencies and the banking transactions of people with assets of at least 50 million euros. Companies linked to sanctioned persons or companies must be identified in an EU register. This is intended, for example, to prevent Russian oligarchs from circumventing EU sanctions against them.
New anti-money laundering agency
Another part of the package is the new EU anti-money laundering agency AMLA, based in Frankfurt. It will directly supervise up to 40 cross-border financial institutions at high risk of money laundering. Moreover, it must take action against the financing of terrorism. Vienna was in the race for the seat, but was eliminated.
“Fighting money laundering and the related financing of terrorism, organized crime and other serious cross-border crimes is a central task that we can better fulfill in the future with the new money laundering directive (…),” says the EU ÖVP MP Lukas Mandl convinces.
Criticism of the new rules came from the FPÖ. MP Roman Haider fears higher compensation and the introduction of a European asset register.
Source: Krone
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