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The EU will strengthen its regulations on combating money laundering

normativa sobre la lucha contra normativa sobre la lucha contra el lavado de dinero

On April 24, the European Parliament agreed on a package of measures against money laundering and terrorist financing within the European Union (EU), consisting of:

  1. A Regulation to establish a central European Authority for Anti-Money Laundering;
  2. A Regulation on anti-money laundering obligations applicable to the private sector;
  3. A Directive [the sixth] on anti-money laundering mechanisms;
  4. A revision of the Regulation on Fund Transfers.

This new package will strengthen the legal framework for combating money laundering and terrorist financing in the EU, regulating the requirements that obligated entities must comply with.

The rules of the member states will be unified in various areas. For example, cash payments within the entire EU will be limited to 10,000 euros, except between individuals in a non-professional context. Countries such as the Netherlands and Austria had not contemplated any limitations for these payments, while other countries have stricter regulations (500€ in Greece, 1,000€ in France, 3,000€ in Belgium, etc.).

Persons and entities with a legitimate interest, including journalists, civil society organizations, competent authorities, and supervisory bodies, will have access to information on real ownership contained in national registers and interconnected at the EU level. This will be done immediately and free of charge.

The content and operation of the ultimate beneficiary registers will be further harmonized. Information on beneficial ownership will be available digitally in national central registers and through an interconnected system of registers at the EU level. This will include both current information and the history of the last five years.

The regulations include enhanced due diligence measures and checks on customer identity. Obligated entities must take reasonable measures to verify the identity of the real owner using documents and reliable sources.

Additionally, the legislation incorporates stricter monitoring provisions applicable to extremely wealthy individuals (those whose assets exceed 50 million euros, excluding their main residence), along with measures aimed at ensuring compliance with specific financial sanctions and preventing the evasion of such sanctions.

To monitor the new rules on anti-money laundering, a new central monitoring body will be established in Frankfurt: the Authority for Anti-Money Laundering and Counter-Terrorism Financing (AMLA).

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