The European Union (EU) will strengthen its regulations and expand the scope of the current framework to combat money laundering and terrorist financing with cases such as the inability to make cash payments of more than €10,000, although member states will have the flexibility to set a lower threshold. if they want
The Council this Wednesday agreed its position on the Anti-Money Laundering Regulation (AML, its acronym in English) and the new Directive (AMLD6), which, together with the proposal to overhaul the Money Transfer Regulation already agreed with the European Parliament, will form the EU’s new regulatory code on money laundering about the fight against
“Terrorists and those who finance them are not welcome in Europe. To launder dirty money, criminals and criminal organizations had to look for loopholes in our current rules, which are already quite strict, but our goal is to close them and apply even stricter rules in all member states,” said the Minister of Finance. from the Czech Republic, which is alternately chaired by Zbinek Stanjura.
As the minister explained, the new regulations will make it impossible to pay more than 10,000 euros in cash, make it harder to maintain anonymity when buying and selling crypto assets, and prevent companies from hiding behind multiple layers of ownership. “It will be difficult even to launder black money through jewelers or goldsmiths,” Stanjura added.
The new EU Anti-Money Laundering and Anti-Terrorist Financing (AML/CFT) rules will apply to the entire cryptocurrency sector, forcing all crypto-asset service providers to exercise due diligence on their customers in a timely manner, which means they will have to verify facts and information about their customers.
Third-party financing intermediaries, people who deal in precious metals, gems and cultural goods, will also be subject to the obligations of the regulation, as will jewelers and goldsmiths.
Source: El Diario