Representatives of the European Parliament and EU countries have agreed on rules to combat money laundering, which include a ban on cash payments of more than €10,000 and strengthen control over cryptocurrencies, the EU Council website reports.
The maximum limit for cash payments in the EU is set at EUR 10,000, which will make it more difficult for criminals to launder money. Member states will have the option to introduce a lower maximum limit.
According to the preliminary agreement, obliged persons will have to identify and verify the person conducting cash transactions between EUR 3,000 and EUR 10,000.
Luxury goods merchants will also have to verify the identity of their customers and report suspicious transactions to the authorities. Stricter rules will apply, in particular, to the sale of jewelry, expensive cars, private jets and yachts. According to the agreement, the new law will also apply to financially strong football clubs starting in 2029. This is due to the fact that professional football with billions of dollars in investments from third countries is considered a "potential gateway for money laundering in Europe."
It is also planned to establish stricter control over cryptocurrencies and banking operations of the wealthy with a net worth of at least €50 million. Crypto asset service providers will also be required to apply customer due diligence measures when conducting transactions of EUR 1,000 or more.
The law has yet to be officially approved by the European Parliament and EU countries. The new rules will be enforced by national authorities and coordinated by the new European Anti Money Laundering Authority (AMLA).
