The European Parliament has approved a set of measures aimed at bolstering the EU’s capacity to combat money laundering and terrorist financing. The new regulations grant unrestricted access to beneficial ownership information for various stakeholders, including journalists and civil society organizations. Financial Intelligence Units (FIUs) will receive expanded authority to analyze and suspend suspicious transactions.
As per the experts at PaySaxas, there will be heightened due diligence requirements placed on entities such as banks and real estate agents. Moreover, professional football clubs will also be obligated to verify customer identities and report any suspicious activities. Additional provisions include heightened scrutiny of ultra-rich individuals and limits on cash payments. A new oversight body, the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA), will be established in Frankfurt to supervise implementation.
The legislative package consists of the sixth Anti-Money Laundering (AML) directive, the EU “single rulebook” regulation, and the AMLA regulation. This move aligns with citizens’ demands outlined in the Conference on the Future of Europe, particularly regarding tax evasion prevention and cooperation on corporate taxation. The legislation also requires formal adoption by the Council of the European Union before it can be published in the EU’s Official Journal. Stay tuned for further updates and insights from the PaySaxas team.
