EU Parliament Adopts Anti-Money Laundering Rules Package, Also Policing Crypto
The European Parliament has approved a new set of laws aimed at strengthening measures against money laundering and terrorist financing across the EU. The laws target large cash payments, crypto firms, and football clubs, among others. The package also establishes a Frankfurt-based anti-money laundering authority to oversee the implementation of these frameworks. The laws require enhanced due diligence measures and identity checks, after which entities such as banks and crypto asset managers must report suspicious activities to Financial Intelligence Units and other authorities. The measures also aim to provide immediate, unfiltered access to beneficial ownership information to those with a "legitimate interest," including journalists and civil society organizations. The package still needs formal adoption by the EU Council to become law.
