Measures to control the turnover of cryptocurrencies will help in the fight against money laundering, according to the European Parliament, the Parliament approved a package of new measures to combat money laundering in the EU countries, including strengthening control over cryptocurrencies. It is reported by the website of the European Parliament.
The document is the fifth and latest update of the European Union's anti-money laundering Directive, and partly responds to the 2015 and 2016 terrorist attacks in Paris and Brussels, as well as to Panama Papers ' offshore scandal.
The new rules give citizens the right to access information about the beneficial owners of firms operating in the EU and help to avoid the corrupt use of companies established for money laundering, concealment of wealth and tax evasion.
Additional measures will also allow the disclosure of beneficial owners of trusts and similar entities to those with a "legitimate interest", which will allow the provision of information to investigative journalists and non-governmental organizations. EU member States will also retain the right to grant greater access to information in accordance with their national legislation.
The new measures also address the risks associated with subscription cards and virtual currencies. In order to stop the anonymity associated with cryptocurrencies, exchange platforms, cryptocurrency exchanges and virtual wallets, as well as banks, must apply customer control "with due diligence", including customer verification requirements.
Such platforms and providers of cryptocurrency storage services should also be registered, as well as companies providing currency exchange services.
The updated Directive will come into force three days after its publication in the EU official journal. Member States will be given 18 months to implement the new norms into national legislation.
In General, the trend towards regulation of the cryptocurrency market in order to counter illegal financial activities is gaining momentum in the world. So, in the US from January 1 introduced taxes on the exchange of bitcoins, and the European Commission urged the three financial regulators of the EU to urgently update the financial rules to cope with the instability of the most popular cryptocurrency Bitcoin.
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