EU Parliament endorses new rules to thwart terror financing, money laundering
14 Sep 2018

Members of the European Parliament on Thursday approved new measures to combat terror funding and money laundering, endorsing rules aimed at restricting dirty cash flows and introducing a sanctions regime for criminals.

The new rules introduce EU-wide penalties, such as a minimum of four years imprisonment for money laundering.

Those convicted of the crime will be barred from running for public office, and excluded from accessing public funding.

Meanwhile, the rules targeting illicit cash flows extend the definition of cash to include gold and anonymous prepaid electronic cash cards.

The measures will also enable authorities to register information about cash movements below the current €10,000 threshold, and to temporarily seize cash if they suspect criminal activity.

There is also a disclosure requirement regarding the disclosure of unaccompanied cash sent by cargo or post.

Rapporteur Mady Delvaux said: “Cash is difficult to trace and easy to transfer, therefore criminals frequently use it. With this regulation, we are strengthening the tools to combat money laundering and terrorist financing through better and faster exchange of information between authorities, as well as by adopting a more complete definition of cash.”

Read more:

UK urged to crackdown on oligarchs using London as ‘money laundering playground’

Money laundering: ING bank fined €775m over due diligence, client on-boarding

EU drafts new money laundering laws following bank scandals

Count reading this article to your CPD minutes, by signing up to our CPD Wallet

FREE CPD Wallet
Must Read

Understanding EU anti-money laundering law: EU 4AMLD, EU 5AMLD, EU 6AMLD

In recent years the European Union has looked to flex its legislative muscle and come up with an array of laws aimed at cracking down on money laundering and terrorism financing. Key to its package are its various directives, which impact national laws, banking operations and other industries across… Read More

Banking: Curbing employee fraud and corruption with an effective KYE program

The banking system’s vulnerability to fraud, corruption and money laundering is once again a focal point of debate in the wake of recent disclosures by the Central Bank of Nigeria that major losses have been recorded by banks from armed robbery cases and other criminal activities amounting to N12bn… Read More