us

216.73.216.69

European Union Drafts Crypto Transfer Legislation to Curb Money Laundering

n-img-europ

The European Union has introduced legislation to identify crypto transfers as part of wider anti-money laundering compliance.

The Members of the Parliament (MEPs) have adopted the draft legislation to strengthen EU laws against financial crimes, such as money laundering and terrorism financing. The MEPs are set to negotiate and finalise  legislation with EU governments and Parliament will vote on the matter in its upcoming plenary session in April.

According to MEP Ernest Urtasun, “Criminals thrive where rules allowing for confidentiality allow for secrecy and anonymity. With this proposal for a regulation, the EU will close this loophole.”

Transfers of crypto asset will have to include information on the source and the beneficiary, much like traditional money transfers, under the new rules. This rule applies to transactions from private user digital wallets as well. 

Under the new laws, before making a crypto asset available for beneficiaries, the providers, such as crypto exchanges,  would have to confirm that the sources of the asset are not subject to restrictive measures and that there are no threats of money laundering or terrorism financing. The new laws will not apply to person-to-person transfers or transfers among exchanges and providers acting on their own behalf. 

According to Parliament, “Technological solutions should ensure that these asset transfers can be individually identified.” 

The MEPs want the European Banking Authority (EBA) to set up a public register of crypto firms that might have a higher risk of criminal activities, especially money laundering and terrorist financing. They have also decided to remove the minimum threshold and exemption for low-value transfers. 

Suggested Read:

EU PARLIAMENT PROPOSES CHANGE IN AML BILL TO INCREASE FOCUS ON NFTS

Related Posts

News

EBA’s rising concern over the increased financial crimes in fintech, payment and crypto

EBA’s rising concern over the increased financial crimes in fintech, payment and crypto

Explore More

News

United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

Explore More

News

UK Parliament Legislates New Digital Identity Verification Services Bill

UK Parliament Legislates New Digital Identity Verification Services Bill

Explore More

News

Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

Explore More

News

Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

Explore More

News

Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

Explore More

News

FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

Explore More

News

EBA’s rising concern over the increased financial crimes in fintech, payment and crypto

EBA’s rising concern over the increased financial crimes in fintech, payment and crypto

Explore More

News

United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

Explore More

News

UK Parliament Legislates New Digital Identity Verification Services Bill

UK Parliament Legislates New Digital Identity Verification Services Bill

Explore More

News

Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

Explore More

News

Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

Explore More

News

Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

Explore More

News

FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started