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EU Enhances Anti-Money Laundering Measures

Due DiligenceEU Enhances Anti-Money Laundering Measures

The European Parliament has passed a series of laws bolstering the EU’s efforts against money laundering and terrorist financing. These laws grant access to beneficial ownership information to various stakeholders, including journalists, civil society organizations, and authorities. Financial Intelligence Units (FIUs) are empowered with greater capabilities to analyze and suspend suspicious transactions.

The legislation introduces stricter due diligence requirements, especially for entities like banks and real estate agents, who must report suspicious activities. Starting in 2029, top-tier professional football clubs will also need to verify customer identities and monitor transactions closely. Additionally, there are enhanced measures targeting wealthy individuals and imposing a €10,000 limit on cash payments.

A new watchdog agency, the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA), will be established in Frankfurt to directly oversee high-risk financial entities. This package of laws, including the sixth Anti-Money Laundering directive and the EU “single rulebook” regulation, awaits formal adoption by the Council.

These legislative actions align with the demands of citizens expressed in the Conference on the Future of Europe, particularly regarding tax evasion prevention and cooperation on corporate taxation.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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