The EU has tightened its anti-money laundering control
The EU Commission is preparing to implement new anti-money laundering measures. New legislative acts are intended to define a single-standard term and definition of ‘money laundering’ in all EU countries; which still lack a common interpretation. For some countries, criminal liability for self-laundering has been introduced, so the lawbreakers will be subject for prosecution in the event of any illegal fund raising and consistent decriminalisation.
Other regulatory norms to be implemented will cover cash transfers and transportation (amounts under EUR10,000 are currently exempt from being declared will be reviewed, and a list of declaration objects will be extended to include jewelry, pre-paid bank cards, etc.), as well as pan-European legislation on freezing of assets of beneficial owners who are money-laundering suspects.