The European Union (EU) will strengthen its regulations and broaden the scope of the current framework to combat money laundering and terrorist financing with cases such as making cash payments of more than 10,000 euros impossible, although Member States will have flexibility to impose a lower ceiling if they wish.
The shadow of “eco-laundering” hangs over Deutsche Bank
The Council has agreed this Wednesday its position on the Regulation against money laundering (AML, for its acronym in English) and a new Directive (AMLD6), which together with the proposal for a recast of the Regulation on transfers of funds, on which an agreement has already been reached with the European Parliament, they will form the new EU regulatory code on the fight against money laundering once adopted.
“Terrorists and those who finance them are not welcome in Europe. In order to launder dirty money, criminals and criminal organizations have had to look for loopholes in our current rules, which are already quite strict but our intention is to close them and apply even stricter rules in all Member States”, said the Minister of Finance from the Czech Republic, who holds the rotating presidency of the Council, Zbynek Stanjura.
As explained by the minister, the new regulations will make large cash payments of more than 10,000 euros impossible, will make it difficult to maintain anonymity when buying or selling crypto assets and will prevent hiding behind multiple layers of company ownership. “It will even be difficult to launder black money through jewelers or goldsmiths,” Stanjura added.
The new EU anti-money laundering and financing of terrorism (AML/CFT) rules will be extended to the entire cryptocurrency sector, forcing all crypto asset service providers to apply due diligence timely to their customers, which means they will have to verify facts and information about their users.
Third-party financing intermediaries, people who deal in precious metals, precious stones and cultural goods, will also be subject to the obligations of the Regulation, as will jewelers and goldsmiths.
Source: elDiario.es – elDiario.es by www.eldiario.es.
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