EU-wide law

Luxury retailers must check their customers

The EU Parliament confirmed new anti-money laundering regulations on Wednesday. Cash payments of more than 10,000 euros will be banned in the EU in future (see video above). In addition, retailers of luxury goods will have to report suspicious transactions to the authorities.

They will also have to verify the identity of their customers. This affects, for example, the trade in jewelry, luxury cars, private aircraft and ships. In turn, the authorities are to monitor cryptocurrencies and the banking transactions of individuals with assets of at least 50 million euros more closely. Companies associated with sanctioned persons or businesses are to be identified in an EU register. This is intended to prevent Russian oligarchs, for example, from circumventing the EU sanctions against them.

The new rules are intended to combat money laundering.(Bild: Klemens Groh)

New anti-money laundering agency
Another part of the package is the new EU anti-money laundering agency AMLA based in Frankfurt. It is to directly supervise up to 40 cross-border financial institutions with a high risk of money laundering. In addition, it is to take action against terrorist financing. Vienna had been in the running for the seat, but was eliminated.

"The fight against money laundering and the associated financing of terrorism, organized crime and other serious cross-border crimes is a central task that we will be able to fulfil better in future with the new Money Laundering Directive (...)", ÖVP MEP Lukas Mandl is convinced.

Criticism of the new rules came from the FPÖ. MEP Roman Haider fears higher fees and the introduction of a European asset register.