A new set of laws reinforcing EU-wide regulations on money laundering and terrorist financing was approved by the European Parliament through a vote. Football teams, cryptocurrency companies, and huge cash payments are among the targets of the regulations.
The package approved on Thursday establishes a single rulebook for the 27 member states of the European Union, as well as an anti-money laundering authority headquartered in Frankfurt to supervise the application of pertinent frameworks, especially those that the bloc considers to be the “riskiest entities.”
“The new laws include enhanced due diligence measures and checks on customers’ identity, after which so-called obliged entities (e.g. banks, assets and crypto assets managers or real and virtual estate agents) have to report suspicious activities to [Financial Intelligence Units] and other competent authorities,” according to a press release about the vote.
When the EU reached a political agreement on the package back in January, observers of crypto policy in the bloc expressed concerns that the requirements placed on digital assets would be unduly onerous in comparison to other financial sectors.
Furthermore, the new measures aim to provide “immediate, unfiltered, direct and free access to beneficial ownership information held in national registries and interconnected at EU level” to individuals or entities with “legitimate interest,” such as media professionals, journalists, civil society organisations, and other competent authorities. Enumerating data on individuals or organisations that own or manage businesses is referred to as beneficial ownership information.
A vote on the package’s texts was held in March by a joint parliamentary committee prior to Thursday’s plenary session.
Legislators from member states must still formally adopt the package for it to become legislation in the EU Council.