In order to combat money laundering, cash payments of more than 10,000 euros are to be banned in the European Union in the future. The Negotiators from the European Parliament and member states agreed on the relevant regulationsas announced by the European Council.
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The regulations should apply, among other things, to the trade in jewelry, luxury cars, private aircraft and ships. In addition, the identity of customers should be checked when making regular large cash payments and suspicious behavior should be reported if necessary, it said.
According to the agreement, financially strong football clubs such as FC Bayern Munich and Borussia Dortmund will also be subject to the new law from 2029. Professional football, with its billions in investments from third countries, is seen as a possible gateway for money laundering in Europe, the council wrote.
Stricter anti-money laundering rules are “long overdue,” says European Parliament negotiator Eero Heinäluoma. “So far, member states are losing billions of euros,” he said.
Union: Fight against money laundering not a fight against cash
Members of the Union are critical of parts of the new regulation. “One should not confuse the fight against money laundering with the fight against cash,” explained CSU MEP Markus Ferber. In addition, the new regulations for football clubs are “completely arbitrary”.
The law still needs to be formally approved by the European Parliament and member states. According to the EU Council, states have flexibility to set a lower limit if necessary.
In order to combat money laundering, cash payments of more than 10,000 euros are to be banned in the European Union in the future. The Negotiators from the European Parliament and member states agreed on the relevant regulationsas announced by the European Council.
The regulations should apply, among other things, to the trade in jewelry, luxury cars, private aircraft and ships. In addition, the identity of customers should be checked when making regular large cash payments and suspicious behavior should be reported if necessary, it said.