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MEPs add new laws

MEPs Crack Down on Money Laundering, Terrorist Financing, and Sanctions Evasion in EU with New Laws

On Tuesday, 28th March, Members of the European Parliaments, MEPs approved new laws to strengthen European financial supervision. The new approved laws will help to fight against money laundering, terrorist financing, and evasion of sanctions in the EU financial markets. 

MEPs Crack Down on Money Laundering, Terrorist Financing and Sanctions Evasion in EU with New Laws

MEPs Drafted the New EU Laws in 3 Pieces:

The new laws adopted by the council were drafted in three pieces: the EU “single rulebook” – regulation, The 6th Anti-Money Laundering – directive, and the regulation establishing the European Anti-Money Laundering Authority (AMLA). 

  • The EU “single rulebook” regulation:  The new rule  adopted with 99 votes to 8 and 6 abstentions requires businesses to check their customers thoroughly, reveal who benefits from their services, and disclose the use of anonymous instruments like crypto-assets. They also regulate new crowdfunding platforms and prohibit the issuance of “golden” passports and visas.
  • The 6th Anti-Money Laundering Directive was adopted with 107 votes to 5 and 0 abstentions. It includes national provisions on supervision, Financial Intelligence Units, and access for competent authorities to necessary and reliable information, such as beneficial ownership registers and assets stored in free zones.
  • The European Anti-Money Laundering Authority (AMLA) was created with supervisory and investigative powers to enforce AML/CFT rules. The regulation was adopted with 102 votes in favor, 11 against, and 2 abstentions.

MEPs impose €1,000 Limit on Anonymous Crypto Transactions

MEPs aim to limit the acceptance of payments for goods and services by capping cash payments at €7000 and crypto-asset transfers at €1000 when the customer’s identity is unknown. 

In addition, MEPs seek to ban “golden passports” and enforce strict anti-money laundering measures on “golden visas” due to the high risk of misuse by criminals.

MEPs Ask Member States To Set Up Financial Intelligence Units

To prevent and combat money laundering and terrorist financing, MEPs asked each member state to set up a financial intelligence unit (FIU). These units must exchange information with each other and other relevant authorities, including AMLA, Europol, Eurojust, and the European Public Prosecutor’s office.

In addition, to detect and prevent money laundering schemes, MEPs want national financial intelligence units and other authorities to have access to information on beneficial ownership, bank accounts, and land or real estate registers. 

Additionally, MEPs want information on the ownership of high-value assets such as yachts, planes, and cars worth over €200,000 and goods stored in free zones. Beneficial ownership is defined as having a 15% plus one share, voting rights, or other direct or indirect ownership interest, or a 5% plus one share in the extractive industry or a company at a high risk of money laundering or terrorist financing.

Statements from the MEPs Law Makers

However, to fulfill these new laws, one of the MEPs, Eva Maria Poptcheva, (co-rapporteur AMLA renew ES) said “we cannot tolerate the corrupting influence of dirty money in our political systems any longer.” In the wake of Qatargate, Parliament heard the message loud and clear. Saying: “dirty money is not just a threat to our democracy, but fuels inequality and injustice. Hence, putting ordinary citizens in traumatized state after struggling to make ends, while criminals prosper with the complicity of systemic corruption”…   

She stated that AMLA is the game-changer needed, and with it the EU can end the economic nationalism that has fuelled this laundromat. 

What do you think will be the next step of the MEPs as regards the negotiation on the new laws?   How about the EU’s legislation to impose a €1,000 limit on crypto transactions where the customer cannot be identified?

You can let us know in the comments.

At A&D Forensics we bring you updates on crypto compliance and regulatory updates.  Follow us to learn more.

Contributor: Loveth Odije

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Chioma Onyekelu is a highly skilled and accomplished professional in the field of cryptocurrency and blockchain technology. She is a Certified Cryptocurrency Investigator and Crypto Compliance Specialist, as well as a Blockchain Forensic Specialist and a teacher. She is also a public speaker and her teachings include consultations and practical solutions for African Start-ups on the best and most cost-effective way to build with compliance in mind. With a wealth of knowledge and experience in these cutting-edge technologies, she is well-equipped to navigate the complex landscape of cryptocurrency-related crimes.

In her current role as a Blockchain Forensic Specialist at A&D Forensics, Chioma is responsible for tracing and investigating cryptocurrency-related crimes, as well as training law enforcement agents and compliance officers on the latest developments and best practices in the field. In addition, she is currently pursuing a Master's degree in Blockchain and Digital Currencies at the University of Nicosia in Cyprus, further solidifying her expertise and understanding of the technology.

Chioma's dedication and passion for the field is evident in her work, and she is committed to staying at the forefront of developments in cryptocurrency and blockchain technology to provide the best possible service to her clients. Her exceptional skills in educating and consulting make her a valuable asset to the industry and an authority in the field of Blockchain and Crypto Compliance.


Adedeji is a Forensic Investigation Practitioner and CertifiedBlockchain/Cryptocurrency Forensic
Investigator (CFE, CCI, CCFI & Reactor Certified) with more than Fifteen years of experience across few banks within the Nigeria Financial Sector and educator in Corporate workplace settings, Deji is uniquely qualified and involved in forensics analysis of Financial Infractions, Cryptocurrency crimes and designing plans that works for Government, Regulators, Law enforcement.

He was appointed by SEC Nigeria as Member Virtual Asset and Fintech Regulatory framework drafting Committee, He is a member of Global Digital Finance’s KYC/AML working group in France and a member of the Industry led Thinktank that worked on and came out with FATF cryptocurrency Travel rule InterMessaging Standard for Virtual Assets (IVMS101) to help combat money laundering and terrorism financing using cryptocurrencies around the globe.

His law enforcement training efforts on new money and cybercrime have seen him train many law enforcement agents in various countries i.e Nigeria Police, Nigeria Army CyberWarfare command, Zambia Financial Intelligence Unit, Zambia Central Bank and more.
He is Chainalysis Sole Africa Investigative Partner helping law enforcement investigate criminal organizations using cryptocurrency to conceal illiccit activities across Africa, he is also a training Partner for Blockchain Intelligence Group based out of Canada.

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