EU announces news against money laundering: € 10,000 ceiling for cash payments
A new European authority to combat money laundering and a € 10,000 ceiling for cash payments. These are some of the innovations presented today by the European Commission, which also announced new transparency rules for cryptocurrency transfers.
The package presented by the European Commissioner for Financial Services, Mairead McGuinness of Ireland, predicts that a single money laundering supervisory system will coordinate national authorities, directly supervising multinational financial companies considered more risky.
The EU Anti-Money Laundering / Countering Financing of Terrorism Authority (Amla) may also intervene on companies not included in the list, should the national regulatory authority fail to take measures deemed adequate. “The national territory we need to protect is the European Union,” McGuinness told reporters, saying the package “will correct the gaps in the framework.”
The commission’s proposals include the imposition of a limit of € 10,000 on cash transfers, in order to combat criminal organizations. “” If you allow the purchase of large amounts of cash for the purchase of luxury goods, you need to ask yourself about the origin of that money, ”McGuinness said.
The proposals, which will have to be discussed and then approved by the European parliament and member states in the coming months, also include new transparency requirements for transactions in cryptocurrencies such as Bitcoin, currently excluded from EU regulations, to make supplier data traceable and customers.