EU Implements Stringent Measures and has banned cash transactions over 10,000 euros to tackle money laundering. The European Parliament and member state negotiators accepted this pioneering measure to reduce illegal financial activity and affect luxury purchases and high-profile sectors. Luxury goods suppliers must now check customer identities and report questionable transactions to police. Jewelry, luxury cars, private jets, and ships are subject to these strict requirements. This law will hold massive football clubs like FC Bayern Munich and Borussia Dortmund accountable starting in 2029. This preemptive move addresses possible money laundering channels in European football, spurred by large third-country investments.
EU Implements Stringent Measures Vigilance Over the Super Rich
The law targets cryptocurrency, luxury markets, football clubs, and wealthy individuals with at least 50 million euros. Company owners with 25% of the shares must register across the EU. After the Ukraine invasion, the goal is to prevent entities, notably Russian oligarchs, from avoiding EU sanctions.Eero Heinaluma, a negotiator in the European Parliament, emphasizes the necessity of these stringent anti-money laundering measures. He asserts that a unified EU-wide framework is long overdue, as national loopholes have resulted in significant financial losses for member states.
Legislation Views Varied
While some see these laws as essential to fighting money laundering, others are concerned. The liberal EU MEP Roman Haider calls this “another step in the coming demonetization.” He said in a news release that the European Central Bank (ECB) may introduce the digital euro to replace traditional money as monetary limitations tighten. For these regulations to take effect, the European Parliament and member states must ratify. The new European Anti-Money Laundering Authority (AMLA) coordinates national agencies’ enforcement and oversight of the new standards. Vienna is a candidate for AMLA’s headquarters.