Sitemap

EU Strikes Deal to Limit Cash Payments and Tighten Rules Against Money Laundering

CorD Recommends

Serbia Commits €5.4 Billion to Renewable Energy by 2030

Serbia's state-owned power company, Elektroprivreda Srbije (EPS),...

Serbia and Angola Cement Cultural Bonds with New Cooperation Programme

Serbia and Angola have inked a Cultural...

Serbia’s Zlatibor and Croatia’s Labin Unite in Tourism Pact

In a step to strengthen international ties...

Serbia’s Agrarian Giants: The Landowners Reshaping the Countryside

A recent survey has revealed Industrija mesa...

Balkan Borders Blur as Free Labor Movement Pact Launches

Marking a significant shift in the labor markets of Southeast Europe, Serbia, Albania, and North Macedonia have forged an...

Southeast Europe Unites in Support for Ukraine at Tirana Summit

In a striking demonstration of unity from Tirana, Southeast European leaders, together with Ukraine's President Volodymyr Zelenski, have collectively...

New Management In Schneider Electric Serbia And Montenegro

Schneider Electric, the global leader in digital transformation of energy management and automation, announces the appointment of Miloš Vuksanović...

Nestlé Unveils Plant-Based Meal Factory in Surčin, Serbia, with a €80 Million Investment

Nestlé has taken a significant step towards expanding its sustainable food production footprint by inaugurating a new €80 million...

Serbia Commits €5.4 Billion to Renewable Energy by 2030

Serbia's state-owned power company, Elektroprivreda Srbije (EPS), has announced an ambitious plan to invest €5.4 billion in renewable energy...

European Union negotiators have reached an agreement on implementing stringent measures to combat money laundering, including the regulation of cryptocurrencies and a cap on cash payments at a maximum of €10,000.

EU Commissioner for Financial Services Mairead McGuinness announced the milestone agreements as crucial steps in the EU’s fight against dirty money, following the accord in Strasbourg.

The plans grant financial investigators increased authority to inspect in cases suspected of money laundering and terrorism financing, including wider powers to suspend suspicious transactions and accounts.

The initiative and plans must now be passed by the European Parliament and receive approval from individual member state leaders in the European Council before they become effective.

Man paying money bills to a woman in euros

Under the agreement, cryptocurrency providers are also required to monitor their clients and report any suspicious activities. They are obliged to be vigilant when handling transactions of €1,000 or more.

Luxury goods traders, including those dealing in precious metals, automobiles, and yachts, are also targeted in the provisions. Football clubs and sports managers are to be included, expanding the number of entities required to comply with EU anti-money laundering regulations.

Read more..

Iosif Vangelatos, General Manager, Inos Balkan

Proud of Tripling Trade Volume

Inos Balkan already possessed extensive expertise in the recycling sector, with its collection and processing centres, while it has today transformed itself successfully to...

Aris Karousos, CEO of Eko Serbia

Drivers Know Why They Choose Eko

Two decades ago, when this company launched its operations in Serbia, the desire was for the EKO brand to become synonymous with reliability, quality...

This means a broader range of institutions, beyond just banks, real estate agencies, and casinos, which play a central role in detecting financial anomalies, will be subject to the new EU regulations.

Additionally, a maximum cash payment limit of €10,000 has been set across the EU, designed to hinder criminals from laundering illicit funds. Member states will have the flexibility to impose a lower maximum limit if they choose.

According to the EU, money laundering and terrorism financing pose a serious threat to the economic integrity and financial system of the EU and the security of its citizens.

Europol estimates that approximately 1% of the EU’s annual Gross Domestic Product is involved in suspicious financial activities.

Related Articles

EU Inaugurates Central Office for Artificial Intelligence

The European Union has taken a significant step forward in the realm of artificial intelligence by inaugurating its Artificial Intelligence Office. This central body...

European Banking Titans Surpass €100 Billion Profit Milestone Amid Rising Interest Rates

For the first time in history, Europe's banking behemoths have collectively breached the €100 billion profit ceiling, fueled by a significant uptick in interest...

Western Balkans Eye EU Membership by 2028

At the esteemed Munich Security Conference, a cornerstone event in global security discourse, leaders from North Macedonia, Albania, and Montenegro have passionately renewed their...

EIB Global Channels Record €1.2 Billion into Western Balkans

EIB Global, the European Investment Bank's arm for non-EU activities, has made a landmark investment of €1.2 billion in the Western Balkans for 2023,...

The EU and UNDP allocated 580,000 euros for civil society

The European Union and the United Nations Development Program (UNDP) have allocated funds for the implementation of 12 initiatives of civil society organizations (CSOs)...

EU Agreement Grants Consumers the Right to Repair Beyond Warranty Period

In a significant stride towards sustainability, European Union negotiators have reached a political agreement on a directive that will grant consumers the right to...

IMF Boosts Global Growth Forecast Amid Lower Energy Costs

The International Monetary Fund (IMF) has revised its forecast for global economic growth upwards for this year, buoyed by robust consumer spending and declining...

Croatia Tops Affordability Chart for EU Arable Land

The European Union's 2022 data unveils a captivating snapshot of arable land prices, with Croatia emerging as the beacon of affordability for potential landowners.  In...