The fight against money laundering and terrorist financing is a major challenge in the European Union. Today, the European Council adopted a set of new rules to strengthen this fight against money laundering. Its interest is to protect EU citizens and to secure the financial system against this threat.
Money laundering and the financing of terrorism are central concerns for the European Union. They threaten its economy, its financial system but also the safety of citizens.
Since 1991, the EU has placed the fight against these threats at the heart of its political priorities through a first anti-money laundering directive. Since then, revisions have been carried out regularly to adapt to the current context.
To effectively cover all emerging risks, EU rules cover three main areas:
To ensure compliance with the rules in force, the Financial Action Task Force (FATF) was created in 1989 by the G7.
Its purpose? Establishing the main international standards to combat money laundering and the financing of terrorism.
This group allows member countries to share their best practicess. Members regularly assess each other to ensure that the standards are properly applied. They thus improve their efficiency.
To protect the international financial system, the FATF establishes lists of vulnerable jurisdictions. They are divided into two main groups:
👀 Good to know:
La Directorate-General of the Treasury, also known as DG Trésor, is responsible for represent the French delegation within the FATF.
To strengthen the security of EU citizens, the Council has put in place new legislation. The interest? Ensuring the protection of the European financial system against the risks associated with money laundering and terrorist financing. We'll tell you more in the rest of this article.
Within the EU, Cash payments will be limited to a maximum of 10,000 euros. The aim of this new regulation is to make it more difficult for criminals to launder money.
The proposed new laws introduce vigilance measures and customer identity checks.
The entities concerned, such as banks, the asset managers, the platforms of cryptoassets And the online real estate agents, must now report any suspicious activity to Financial Intelligence Units (FIUs).
In addition, it should be noted that as of 2029, leading professional soccer clubs will also be subject to these rules. Involved in significant financial transactions with investors, sponsors, advertisers or during player transfers, these clubs will have to verify the identity of their customers, monitor financial transactions and report any suspicious transactions to the CRF.
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To strengthen the supervision of anti-money laundering rules, a new entity, the Authority for Combating Money Laundering and the Financing of Terrorism (ALBC), will be set up in Frankfurt.
This authority will have several key responsibilities:
These new functions will strengthen the fight against money laundering and terrorist financing across the EU.
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