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Wednesday, May 29, 2024

European Union (EU). The European Parliament has adopted regulations to strengthen the fight against money laundering in the EU

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On Wednesday, the European Parliament adopted new rules that are intended to strengthen the fight against money laundering and terrorist financing in the European Union. A new office based in Frankfurt is to be established. His tasks will include direct supervision of the most risky financial entities.

The regulations assume strengthened control of customers' identity, among others: banks or real estate institutions. They will have to report any suspicious activity to the competent public authorities of the Member States.

A special office will be established

According to the new regulations, there will be an uprising in Frankfurt Anti-Money Laundering and Anti-Terrorism Financing Authority (AMLA). Its tasks will include: direct supervision of the riskiest financial entities, intervening in the event of supervisory errors, acting as a central hub for supervisory authorities and mediating disputes between them.

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State authorities will also gain more powers to analyze and detect cases of money laundering and terrorist financing, as well as to suspend suspicious transactions.

Verification required from sports clubs

From 2029, professional football clubs involved in high-value financial transactions with investors or sponsors, including advertisers, will also have to verify the identity of their customers, monitor transactions and report any suspicions to the relevant authorities in Member States.

The rules still need to be formally adopted by the Council of the EU (Member States) before they are published in the Official Journal of the EU.

Main photo source: Shutterstock



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