AML/CFT Update: New EU Rules Adopted

AML/CFTEU Rules and Regulations
Written By Shuyi Al Mahmoud

A new set of strict rules against illegal money activities and financing of terrorism has been approved by the European Parliament. This will greatly impact football clubs, agents, and very wealthy individuals. Some key points include a limit on large cash payments over €10,000 and creating a central authority in Frankfurt to improve oversight against money laundering.

Under the new 6th Anti-Money Laundering (AML) Directive, the Financial Intelligence Unit (FIU) gains expanded authority to investigate and halt questionable financial transactions. This directive promotes greater international collaboration, streamlining the sharing of ownership information, bank account details, and property records across borders for more effective action against illicit financial activities.


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Shuyi Al Mahmoud
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