EU to strengthen anti-money laundering rules

In a landmark agreement, the countries of the European Union and the European Chamber have joined forces to strengthen their regulations in the fight against money laundering and the financing of terrorism. This pact involves an extension of the sectors responsible for monitoring these risks, as well as a ban on cash payments in excess of EUR 10,000, among other measures.

Belgian Finance Minister Peter Van Peteghem, who leads the EU Council this semester, expressed his satisfaction in a statement, stressing that this agreement will ensure that fraudsters, organised crime and terrorists do not find room to legitimise their revenues through the financial system.

Although the political agreement still awaits formal approval by the Council and Parliament to enter into force, its importance lies in the harmonisation of European anti-money laundering regulations. This addresses previous gaps resulting from the decentralisation of control, which was in the hands of national authorities with not always uniform applications.

MEP Paul Tang, a key figure in this process, stressed the need for this measure, explaining that oligarchs and criminals do not know national borders. He welcomed the fact that more sectors will now be required to comply with the rules already implemented by financial institutions.

K. Tovar

Source: MSN

(Image reference source: Sasun Bughdaryan, Unsplash)

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