The European Commission is planning to set up a new agency to monitor dirty finances in a recent package of legislative proposals aimed at strengthening the rules and, at the same time, combating terrorist financing. Key elements of the changes include tightening controls on cryptocurrencies, which are increasingly being used for illegal money movements, by taking service providers on a shorter leash. In addition, according to the EU top body, it is necessary to maximize the upper limit of cash payments in EUR 10,000 (at the current exchange rate, this is HUF 3.6 million).
“Behind the history of dirty money are horrific crimes that are terrible for citizens, society, families and communities. That’s why tackling money laundering is at the heart of law enforcement. explained the decision by Maireas McGuinnes, EU Commissioner for Financial Services Euronews according to his summary.
The new agency would supervise cross-border financial activities and would also have the power to impose fines. The new legislation should be operational by 2024, provided it gets the green light from the Member States and the European Parliament.
Countries that have not properly adopted the existing directives will now be obliged to apply the rules. This is a key factor in avoiding a fiasco … says Eero Heinäluoma, a member of the European Parliament’s Committee on Budgets.
“There are still Member States that have not adopted the Fourth and Fifth Directives and the Anti-Money Laundering Directive. So we need to make sure that we have the same rules and the same chance of falling off everywhere if money from crime is transferred from one country to another. “says the Finnish Member. Previously, seven other Member States besides Hungary did not accept this by the deadline of the end of January 2020.
More than € 150 billion of the EU’s annual GDP is involved in suspicious financial activities.
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Source: Napi.hu by www.napi.hu.
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