The European Parliament has approved a new set of rules to combat money laundering and terrorist financing. These regulations ensure immediate access to beneficial ownership information for authorized entities, like journalists and civil society organizations, and include the requirement for financial institutions to conduct rigorous due diligence and report suspicious activities. Additionally, professional football clubs will now be required to verify identities and monitor transactions.
A new supervisory body, the Authority for Anti-Money Laundering (AMLA), will oversee these regulations and manage high-risk entities. It will also supervise compliance with financial sanctions and address supervisory failures. The measures come with a wide range of reforms, including a EUR 10,000 cap on cash payments, which aims to reduce money laundering risks.
These new laws address public demand for increased transparency and align with broader efforts to improve corporate taxation and prevent tax evasion. The legislation will be formally adopted by the Council and published in the EU’s Official Journal after parliamentary approval.
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