The European Parliament has adopted the pan -European rules for combating money laundering aimed at eliminating legislative gaps in national laws. One of the key measures is the ban on cash payments of more than 10,000 euros.
New norms are also obliged to check the personality of clients and notify the authorities about suspicious transactions by sellers of luxury items, such as jewelry, luxury cars, private aircraft and yachts. The new rules also cover investments in professional football, which often becomes the object of large cash flows.
In addition, the authorities will strictly track cryptocurrency transactions and banking operations with assets worth more than 50 million euros. Owners of companies that control at least a quarter of shares will also be subject to registration throughout the EU. These measures are aimed at avoiding bypassing the sanctions of the European Union by Russian oligarchs.
The new rules should enter into force by 2029, and the responsibility for their implementation will lie for national governments in cooperation with the new European Agency for Combating Money Laundering (AMLA), whose headquarters will be in Frankfurt-on-Main.
