The European Parliament has adopted the new AML package, which, among other things, will:
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limit cash payments to €10,000;
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create a new EU-wide agency to directly supervise the highest risk businesses;
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allow those with a “legitimate interest” (including the media) direct, fee access to beneficial ownership information;
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include new EDD measures;
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apply the AML regime to top tier football clubs when they are involved in high value transactions;
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impose a new “enhanced vigilance” regime for ultra-rich individuals; and
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put in place measures to avoid circumvention of financial sanctions.
Now the European Council needs to complete the formal adoption of the package.