Regulation
Adoption of new European rules to combat money laundering | News
The new laws ensure that persons with a legitimate interest, including journalists, media professionals, civil society organizations, competent authorities and monitoring bodies, will have immediate, unfiltered, direct and free access to information on beneficial owners kept in national registers and interconnected at EU level. level. In addition to current information, the records will also include data going back at least five years.
The laws also give financial intelligence units (FIUs) more powers to analyze and detect cases of money laundering and terrorist financing as well as suspend suspicious transactions.
Extensive due diligence
The new laws provide for enhanced due diligence measures and customer identity checks, after which so-called obliged entities (e.g. banks, asset and crypto asset managers or real estate and virtual agents) must report suspicious activities to FIUs and other competent authorities. From 2029, top professional football clubs involved in high-value financial transactions with investors or sponsors, including advertisers and in the transfer of players, will also have to verify the identity of their customers, monitor transactions and report any suspicious transactions to the FIUs.
The legislation also contains enhanced due diligence provisions regarding ultra-rich individuals (total assets of at least EUR 50,000,000, excluding main residence), an EU-wide limit of EUR 10,000 for payments in cash, except between individuals in a non-country. professional context and measures to ensure compliance with targeted financial sanctions and to avoid their circumvention.
Central monitoring
To oversee the new anti-money laundering rules, a new authority – the Anti-Money Laundering and Counter-Terrorism Financing Authority (AMLA) – will be established in Frankfurt. The AMLA will be responsible for directly supervising the riskiest financial entities, intervening in supervisory failures, serving as a hub for supervisors, and mediating disputes between them. The AMLA will also oversee the implementation of targeted financial sanctions.
THE Fight against money laundering and terrorist financing (AML/CFT) the package includes the Sixth Anti-Money Laundering Directive (AML) (adopted by 513 votes for, 25 against and 33 abstentions), the European regulation “single regulation” (adopted by 479 votes in favor, 61 against and 32 abstentions), and the regulations of the Anti-Money Laundering Authority (AMLA) (adopted by 482 votes for, 47 against and 38 abstentions).
Next steps
The laws still need to be formally adopted by the Council before their publication in the EU Official Journal.
By adopting this law, Parliament responds to the demands of citizens made within the framework of the conclusions of the Conference on the Future of Europe, in particular proposals 16(1) and 16(2) on the prevention of tax evasion and cooperation on corporate taxation.