The European Parliament approved restrictions on cash payments

A pan-European limit of 10 euros for cash payments has been approved, with the exception of transactions between private individuals for non-commercial purposes.

The European Parliament adopted a package of laws designed to strengthen the EU's tools to combat money laundering and terrorist financing. This was reported by the press service of the European Parliament.

In particular, a pan-European limit of 10 euros was approved for cash payments, with the exception of transactions between private individuals for non-commercial purposes.

It is also about increased vigilance against ultra-rich individuals (whose total assets are at least 50 million euros), as well as measures to ensure compliance with targeted financial sanctions and prevent their circumvention.

The new laws give financial intelligence units more powers to analyze and detect cases of money laundering and terrorist financing, as well as to stop suspicious transactions.

The approved documents provide for comprehensive verification and verification of the identity of customers and oblige banks that manage assets and crypto-assets or real estate agents to report suspicious activity to the competent authorities.

From 2029, leading professional football clubs involved in large financial transactions with investors or sponsors, including advertisers and player transfers, will also be required to verify the identities of their customers, monitor transactions and report suspicious activity to the FIU.

It is reported that the laws still need to be formally adopted by the Council of the EU before they are published in the Official Journal of the EU.