Representatives of the European Parliament and EU countries have agreed on anti-money laundering rules, which include, in particular, the prohibition of cash payments in amounts exceeding 10,000 euros. This is reported by Ukrinform with a link to ARA.
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“In the future, cash payments in amounts over 10 thousand euros will be prohibited in the European Union. On Thursday, negotiators with the European Parliament and member states agreed on pan-European anti-money laundering rules that are designed to close gaps in national legislation. Luxury goods dealers will also be required to verify the identities of their customers and report suspicious transactions to authorities,” the report said.
Stricter rules will apply, in particular, to trade in jewelry, luxury cars, private jets and yachts. .
According to the agreement, from 2029 the new law will apply to financially strong football clubs such as the German Bayern Munich and Borussia Dortmund. This is due to the fact that professional football, with billions of dollars in investment from third countries, is considered a “potential gateway for money laundering in Europe.”
Controls over cryptocurrencies and banking operations
It is also planned to establish stricter control over cryptocurrencies and banking operations of the rich with a net worth of at least 50 million euros.
The law has yet to be officially approved by the European Parliament and EU countries. The new rules will be monitored by national authorities and coordinated by the new European Anti-Money Laundering Authority (AMLA).