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New Strict EU Measures to Fight against Money Laundering and Terrorist Financing



The MEPs adopt stricter measures to close the gaps which exist in fighting money laundering, evasion of sanctions, and terrorist financing in the European Union.

The latest EU parliament vote on its AML/CTF (Anti-Money Laundering & Countering the Financing of Terrorism) bill to impose a €1,000 ($1,088) rule on unnamed digital assets transactions. It also endorses a new anti-money laundering authority.

On Tuesday, March 28, the EU parliament made a press release that MEPs have endorsed stricter laws that will bridge the gaps in fighting money laundering, evasion of sanctions, and terrorist financing.

In the announcement, the European Union lawmakers endorsed the position on 3 new pieces of draft legislation as belonging to the AML/CFT package. This includes;  a €1,000 ($1,088) regulation on unnamed digital currency deals, a new enforcement agency, and a ban on citizenship through investment otherwise known as “golden” passports and visas.

Approved Drafts

The drafts approved were 3 which are; the European Union “single rulebook” laws that contain provisions on carrying out due diligence on clients, use of unnamed instruments like digital assets, and clarity of beneficial owners. Ban was also placed on the ‘golden “passport and visas which is passed through 99 votes, 6 and 8 abstentions.

Another draft passed was the 6th Anti-Money Laundering rule with a focus on provisions for the supervision and Financial Intelligence Units. It is aimed at European Union-wide Information sharing across AML/CTF issues. The approval came through 107 votes to 0 to 5 abstentions.

There were also, the Laws that establishes the EU AMLA (Anti-Money Laundering Authority) which is given supervisory and investigative authority to guarantee compliance with the AML/CFT requirements. The adoption was by 102 votes to 2 and 11 abstentions.

The anti-money laundering authority (AMLA) is portrayed as the “heart” of the legislative packages. Moreover, it is expected to change the AML/CFT supervision within the European Union by offering a central authority to organize national authorities and enhance analytical capacity over illicit money or asset flows.

READ ALSO: US Financial Regulator calls Crypto ‘Wild West’, supports SEC to Crack Down on Crypto

The Single Rulebook Features

The major feature of the “single rulebook” bill is the cap it sets on the anonymous digital assets payment at €1,000 ($1,088).

Moreover, the drafts want to tighten cash dealings at €7,000 ($7,613) when the sender cannot be identified.

According to Eva Maria Poptcheva, the co-rapporteur for the AMLA as well as MEPs who will be heading the negotiations on the final position of the bill, “the European Union’s hands-off measures towards illicit money only brought scandals, now is the time to the crackdown. The Anti-Money Laundering Authority is the game-changer required which the EU can utilize to halt the economic nationalism used to fuel this Laundromat”.

Immediately after these regulations comes into existence, the latest AML/CFT laws and the AMLA who will enforce them will reach over to the whole digital assets industry that is transacting in Europe and accept all CASPs (cryptocurrency-asset service providers) to carry out wide due diligence on their customers.

A Sign of the European Union’s Pre-MiCA Cryptocurrency Sentiment

The AML/CFT draft bills will also provide a barometer that will help measure the present EU feeling regarding the digital assets space. With the help of a sweeping MiCA (Markets in Crypto Assets) regulation that will be voted finally in April.

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