In an effort to strengthen the EU’s fight against money laundering and terrorist financing, the European Parliament has endorsed a set of measures.
New laws make sure that beneficial ownership information stored in national registries can be easily accessed by those with a legitimate interest at the EU level. This includes journalists, media professionals, civil society organizations, competent authorities, and supervisory bodies. The registries will have data going back at least five years in addition to current information.
The laws also grant Financial Intelligence Units (FIUs) increased authority to investigate, identify, and stop suspicious transactions, in addition to analyzing and detecting money laundering and terrorist financing cases.
Under the new law, banks, asset and cryptocurrency managers, real estate agents, and other organizations must report suspicious activity to the Federal Bureau of Investigation (FBI) and other authorities. Additional due diligence methods and identity checks are also part of the process. Professional football teams at the top of the league that perform high-value financial transactions with sponsors or investors, such as player transfers and advertisements, will also need to authenticate the identity of their clients, keep an eye on their activities, and report any suspicious activity to Financial Intelligence Units (FIUs) starting in 2029.
The law also requires more monitoring of very rich people (with wealth of at least EUR 50,000,000, not counting their main home), limits cash payments to EUR 10,000 in the EU (except for private individuals exchanging money informally), and protects against finding ways to avoid targeted financial penalties.
