Europe (Washington Insider Magazine) —The European Parliament has adopted a comprehensive package of laws aimed at fortifying the EU’s arsenal against money laundering and terrorist financing. These measures promise greater transparency, stricter oversight, and enhanced enforcement mechanisms across the bloc.
Transparency and Access to Beneficial Ownership Data
The new laws mandate national registries to grant unfiltered, direct, and free access to beneficial ownership data. Stakeholders such as journalists, civil society organizations, and supervisory bodies can access not only current records but also archived data dating back at least five years.
Empowered Financial Intelligence Units (FIUs)
FIUs across the EU gain expanded powers to analyze, detect, and halt suspicious financial activities. They can now suspend transactions suspected of links to illicit activities, bolstering the fight against money laundering and terrorist financing.
Enhanced Due Diligence
Stricter due diligence measures require banks, crypto asset managers, and real estate agents to verify customer identities and report any suspicious activities. From 2029, high-value transactions involving professional football clubs will also fall under this scrutiny, targeting sponsors, advertisers, and player transfers.
Limits on Cash Payments and Vigilance for the Ultra-Rich
Key provisions include an EU-wide cash payment limit of €10,000, barring private, non-professional exchanges. Ultra-rich individuals with net assets exceeding €50 million (excluding primary residences) will face heightened oversight to prevent financial abuse and sanctions circumvention.
Introducing AMLA: A Central EU Watchdog
A new Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) will be established in Frankfurt. AMLA will directly supervise high-risk financial entities, mediate between national regulators, and ensure consistent enforcement of sanctions.
These reforms position the EU at the forefront of global efforts to curb financial crime, ensuring transparency and robust governance in its financial systems.
