EU Parliament introduces stricter rules to tackle money laundering, including a €7,000 cash payment cap and €1,000 crypto-asset transfer limit
The Economic and Monetary Affairs and Civil Liberties, Justice and Home Affairs committees of the European Parliament have recently adopted a position on three draft legislation pieces in an effort to tackle anti-money laundering (AML), terrorist financing, and evasion of sanctions.
Among the measures being considered are stricter rules for crypto-assets, which have been identified as potential avenues for illicit activities.
The proposed EU “single rulebook” regulation includes provisions on conducting due diligence on customers, transparency of beneficial owners, and the use of anonymous instruments, such as crypto-assets.
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