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The European Parliament adopts a package of anti-money laundering rules that will also regulate cryptocurrencies
The European Parliament voted for the adoption a new package of laws toughening measures against money laundering and terrorist financing across the EU. The laws target large cash payments, cryptocurrency companies and soccer clubs, among others.
In addition to creating a single rulebook for the 27 nations that make up the European Union, the package approved Thursday establishes a Frankfurt-based anti-money laundering authority to oversee the implementation of related frameworks – particularly what the bloc deems as the “entity riskier”.
“The new laws include strengthened due diligence measures and customer identity checks, after which so-called obliged entities (e.g. banks, asset and cryptocurrency managers or real estate and virtual agents) must report suspicious activity to [Financial Intelligence Units] and other relevant authorities,” read a press release on the vote.
Observers of crypto policy in the EU raised concerns that requirements imposed on digital assets may be unfairly harsh compared to other financial sectors when the bloc reached a political agreement on the package in January.
The new measures also aim to ensure that persons or entities with “legitimate interests”, including journalists, media professionals, civil society organizations and other relevant authorities, have “immediate, unfiltered, direct and free access to beneficial ownership information preserved in national registers and interconnected globally”. community level.” Beneficial ownership information refers to identifying information about entities or persons who own or control companies.
To become law, the EU Council, which brings together lawmakers from member states, still needs to formally adopt the package.