EU adopts new rules to combat money laundering and terrorist financing

The Council of the European Union (EU) approved this Thursday a package of laws to combat money laundering and the financing of terrorism, which, among other measures, prohibits cash payments exceeding ten thousand euros.

Thanks to the new legislative package, all rules applicable to the private sector will be translated into a new regulation with direct effect after publication in the Official Journal of the EU, and the directive will concern the organization of national authorities competent in the fight against money laundering. and combating the financing of terrorism.

The regulation comprehensively harmonizes anti-money laundering rules across the EU for the first time, closing existing loopholes for fraudsters while extending anti-money laundering rules to new obligated entities such as much of the cryptocurrency sector, luxury goods traders and football clubs and agents.

The regulation also establishes stricter due diligence requirements, regulates beneficial ownership and sets a ten thousand euro limit for cash payments.

The Directive, in turn, aims to improve the organization of national anti-money laundering systems by establishing clear rules on how financial intelligence units (national authorities that collect information about suspicious or unusual financial activities in member states) and supervisory authorities work together. .

An anti-money laundering and anti-terrorist financing authority was also created, which, in addition to supervising the financial sector, has the power to impose financial sanctions.

EU member states have three years to transpose the new rules into national law.