EU adopts package of new anti-money-laundering rules

KUWAIT, May 30 (KUNA) -- The European Union Thursday adopted a package of new anti-money-laundering rules.
The regulation aims at harmonising anti-money laundering rules for the first time throughout the 27-member bloc, closing loopholes for fraudsters, said an EU statement.
"The new and stricter rules will strengthen our systems in the fight against money laundering and terrorist financing. A new agency based in Frankfurt will supervise the work of actors involved. This will ensure that fraudsters, organised crime and terrorists will have no space left for legitimising their proceeds through the financial system," commented Vincent Van Peteghem, Belgian minister for finance, whose country currently holds EU Presidency.
The new regulation extends the anti-money laundering rules to new entities, such as most of the crypto-sector, traders of luxury goods and football clubs and agents.
It also sets a limit of EUR 10.000 to cash payments, among other tighter requirements.
The package sets up a new European Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) and start operations in mid-2025.
The new anti-money laundering directive also prescribes that EU member states make information from centralised bank account registers containing data on who has which bank account and where available through a single access point.
Today's package is the final step of the adoption procedure. The texts will now be published in the EU's Official Journal and enter into force. (end) hb