The EU has agreed on the provisions of new anti-money laundering regulations. Among other things, methods of money laundering through the purchase of luxury goods, donations to soccer clubs, and cryptocurrency will be suppressed.
In the European Union, including Cyprus, it will be prohibited to pay in cash for amounts over 10,000 euros.
The corresponding agreement on combating money laundering on Thursday, January 18, reached representatives of the European Parliament and EU countries. The regulation will be valid in all EU countries and should close the remaining loopholes in national legislation.
In addition, sellers of luxury goods will be obliged to check the identity of their clients and report suspicious transactions to the authorities. Stricter rules will apply to the sale of jewelry, luxury cars, private jets, and yachts, among other things. Affluent soccer clubs will also fall under the new rule. By the way, multi-billion dollar investments from third countries are not uncommon in professional soccer, so it is considered a possible way to launder money in Europe.
In addition, EU authorities will have to more closely monitor cryptocurrency transactions and the banking operations of the super-rich with assets of more than 50 million euros. Owners of companies holding at least a quarter of the shares will be subject to registration throughout the EU.
According to the chief negotiator of the European Parliament, Eero Heinäluoma, tougher rules to combat money laundering through cryptocurrencies, banks, by oligarchs, and soccer clubs are long overdue, and uniform regulations in the EU should close loopholes in national laws.
The new regulation is expected to come into force in 2029.
It will be the responsibility of national authorities in coordination with the new European Anti-Money Laundering Authority (Amla). A decision on where its headquarters will be located will be made in 2024.