The agreement found between the European Parliament and the Council on the new measures in the area of Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) strengthens the fight against dirty money.
Coordinating national supervisors, so the private sector correctly and consistently applies EU rules.
Enhancing cooperation among Financial Intelligence Units (FlUs), so as to improve their analytical capacity around illicit flows and make financial intelligence a key source for law enforcement agencies.
More detailed, clearer, and directly applicable rules, which will apply more consistently and will be better enforced throughout the EU.
All crypto-asset service providers will have to apply EU rules, to stop crypto-currencies being using to launder money.
They can trust in more consistent, robust EU rules to tackle money laundering and terrorist financing. They can also rely on stronger action against criminal activity, as it will no longer be possible to exploit diverging national approaches or avoid detection of illicit flows of money.
More harmonised EU rules mean a more level playing field and reduced compliance costs.
Will have their powers clarified. Cooperation and exchange of information across the EU will be strengthened. AMLA will play a key role in supporting the work of national supervisors.
Will have stronger and clearer powers, underpinned by a harmonised approach for reporting suspicious transactions or activities. AMLA will support communication and cooperation between FIUs.
Investments in football clubs and transfers of players will now be under scrutiny, so that transactions involving sums of dubious origin will be detected and reported.
Purchases of luxury properties by companies established outside the Union will now trigger obligations to disclose their ultimate owner, making it easy for EU authorities to find out who acts behind them.
The use of crowdfunding campaigns will now be subject to scrutiny as crowdfunding platforms become obliged entities, making it hard for sham charities to access funding, or for funds to be diverted to support terrorist activities. This will also ensure that alternative financing for legitimate purposes can flourish.
Traders in luxury cars, boats and planes will have to systematically report sales of these products above certain thresholds to the Financial Intelligence Units. While this is no indication of any criminal wrongdoing, it will help authorities connect this information with other information available to them and detect any criminal nexus.