Fight against money laundering

Back in 2021, the European Commission had proposed a package of legislative proposals to improve and strengthen EU rules on anti-money laundering and combating the financing of terrorism. The main objective of the agreement is to protect both citizens and the EU financial system from money laundering and terrorism financing by improving the way national systems are organised and cooperate in this area. The agreement will, for the first time, fully harmonise anti-money laundering rules across the EU.

On 18 January 2024, the European Parliament and the European Council reached a preliminary agreement on a package of anti-money laundering measures. The agreed rules set a maximum cash payment limit of EUR 10,000 as well as the establishment of a new institute to monitor, support and coordinate EU rules within individual Member States. The agreement will ensure that the cryptocurrency sector, the luxury goods sector and also professional football clubs will be obliged to monitor their customers with transaction monitoring and suspicious activity reporting.

For the agreement to enter into force, it must be formally voted on by the representatives of the individual member states and the European Parliament.