Those who pay in cash over 3 thousand euros no longer have anonymity. Mandatory checks on transactions with cryptocurrencies over 1,000 euros. Football clubs and their agencies are included in the list of “obliged entities”, that is, economic entities that will have to verify the identities and transactions of their customers and possibly report suspected cases of money laundering to the relevant authorities. These are the main innovations of the reform of anti-money laundering rules approved by the European Parliament and the governments of 27 member states.
Controls over who pays in cash
The agreement reached in Brussels “will for the first time comprehensively harmonize rules across the EU, closing potential loopholes used by criminals to launder illicit proceeds or finance terrorist activities through the financial system,” the Council of Member States explains in a note.
The reform first sets a maximum limit of 10,000 euros for cash payments across the bloc. There is little change for Italy (in our country the ceiling is 5 thousand euros), but some EU countries provide higher limits or even no limits at all. Another innovation that will affect us will be the obligation to detect people who occasionally make cash transactions exceeding 3 thousand euros. In this case, “obliged entities” (i.e. financial institutions, banks, real estate agencies, asset management services, casinos and merchants) will necessarily have to “identify and verify” the identity of the person making the cash payment.
Tight in stock (about half)
The new rules expand the list of these obligated entities to include sellers of luxury goods, such as jewelers, watchmakers and goldsmiths, but also sellers of luxury cars, planes and yachts, as well as cultural goods (such as works of art). A significant part of the text “recognizes that the football industry poses a high risk” and therefore professional football clubs and their agencies will also be included in the list of liable entities. But according to them, the agreement offers a loophole: If a state considers the national football sector does not pose a high risk, it can remove clubs and managers from this list.
Finally, the pressure on cryptocurrencies. The new rules will cover much of the cryptocurrency industry and force all cryptoasset service providers (CASPs) to carry out comprehensive checks on their customers and report suspicious activity. This liability is triggered for every transaction equal to or above 1,000 euros.
Source: Today IT
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
