The European Parliament is taking decisive steps against corruption and the financing of terrorism

On 24 April, the European Parliament will hold a key vote aimed at finalizing significant measures in the fight against money laundering and terrorist financing within the EU. This milestone comes after an extended period of development new legislative frameworkswhich aim to strengthen regulatory mechanisms and increase transparency and oversight of financial operations in the region.

A key element of the new legislative package is the creation of the Authority for Combating Money Laundering and the Financing of Terrorism /OBIP/, which will be based in Frankfurt. OBIP will have a mandate to implement direct supervision of the riskiest financial entities and to act as a coordinator between national supervisory authorities. This new authority will play a critical role in bridging the differences in supervisory practices between Member States and ensuring a more effective response to financial crime.

The legislation includes a number of measures to increasing transparency, including better access to information on the beneficial owners of companies and more powers for national financial intelligence units. These units will be able to analyze and detect cases of money laundering and terrorist financing, as well as suspend suspicious transactions.

From 2029, professional football clubs will be obliged to carry out strict identity checks to their customers and to report any suspicious transaction. Vigilance will be increased on transactions involving ultra-rich individuals, with strict measures being introduced for those with wealth of at least 50 million euros.

To limit the possibility of illegal financial operationsa pan-European limit for large cash payments of up to €10,000 has been introduced.

These measures are part of the EU’s wider strategy to tackle financial crime and underline the bloc’s commitment to strengthening its combat and prevention mechanisms.

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