EU: 5th EU Anti-Money Laundering Directive published. AKA EU will know anything about you!

[challenge]

This is what EU will be in a few years. Just to prepare yourself, don't want to scare you, but will answer lots of recurring questions:

EU: 5th EU Anti-Money Laundering Directive published

in particular, the AMLD5

• extends the scope to virtual currency platforms and wallet providers, tax related services and traders of art
• grants access to the general public to beneficial ownership information of EU based companies
• makes it an obligation to consult the beneficial ownership register when performing AML due diligence
• obliges member states to create a list of national public offices and functions that qualify as politically exposed (PEP)
• introduces strict enhanced due diligence measures for financial flows from high-risk third countries
• ends the anonymity of bank and savings accounts, as well as safe deposit boxes and creates central access mechanisms to bank account and safe deposit boxes holder information throughout the EU
• makes information on real estate holders centrally available to public authorities
• lowers thresholds for identifying purchasers of prepaid cards and for the use of e-money
• further enhances the powers of the FIUs and facilitates cooperation and information exchange among authorities

The EU Commission has been tasked to ensure the interconnection of the many registers at EU level by 10 March 2021

Member States must create central registries or central electronic data retrieval systems by latest 10 September 2020, which allow the timely identification of any natural or legal person holding or controlling bank or savings accounts and safe deposit boxes.

Thresholds for Prepaid Cards and E-Money transactions will be lowered

 

[Milky Moon]

Wow so no safely storing your gold coins in⁠ a safe deposit box inside the EU anymore. When the crash happens they will not⁤ only bail in your accounts, but also the content of your safe deposit boxes.

Getting a safe safe deposit box in CH is relatively easy and relatively cheap 🙂
(no key⁣ to take home, no invoice @home, plan ahead guys, the EU guberment wants - and⁢ will take all your money when TSHTF)

 

[lavel]

I can't agree more to this statement!

It looks like a very difficult and dark⁠ time is coming for the black money marked and the people that want to keep⁤ their privacy!

 

[challenge]

Let's face it... mafia and big corporations can and will launder whatever amount of money‌ they want and nobody will give a f***...
this will only kills the small fishes.‍

Mafia can get whatever clean document they want. Hell they could get hundreds of clean⁠ docs to create huge mesh networks and they will not even trigger KYC/AML warnings.

Mafia don't even care about the rules. EU bureaucrats can harden them as much as they⁤ want and there will always be loopholes, also because plenty of these EU high officials⁣ are corrupt and deliberately leave loopholes here and there for them... and for big corporations.⁢

Give a closer look at the bios of many of these EU high officers: where︀ they go to work after they stop working at EU parliament/commissions? they usually get well︁ paid C-levels jobs at those multinationals they helped with their loopholes...

All of this bureaucracy︂ is only becoming a torture for the small/medium businesses and small sole traders/shops. Also it's︃ a decrease in privacy for the average Joe, to the point that every movement, every︄ payment, every choice is getting tracked and monitored.

Half of London's laundries are washing Russian︅ mafia's money since decades. Nobody has given a f***, nobody has been arrested. I know︆ russians that own nearly entire boroughs of London...
Panama papers is plenty of politicians and︇ usually they get out clean...

 

[TravelRose]

nothing is cheap in Switzerland. Guradar money in⁢ Switzerland cheap ????? depends on the amount you bring here

 

[TravelRose]

not necessairy to be black money, my money⁠ ist clear, BUT IS MINE

 

[Bmw850]

Nothing to add, everything right,︉ only the little not well structured will suffer.
It s like the story of the︊ 500€ banknote disappearing to avoid laundery... I still can get how much I want smi(&%.

 

[TravelRose]

Exactly, this EU is spoiling⁠ the lives of many people. This damn EU wants to control everything, but especially our⁤ money. In the past anyone could open a bank account in any country, now you⁣ have to inhabit the country and show the invoice of the gas. Where is freedom⁢ of open borders ???? only to attract bandits and social cases, a sham. this is︀ insane. Now is the first time in my life that I have the Money at︁ home, and a part in my Sister's account abroad, because these guys want documents for︂ everything. It will come the day that to buy a loaf I have to ask︃ permission. I'm tired of this disgusting system.

 

[lavel]

Just wait until every EU country has adopted to dispose CASH - the︁ Scandinavian countries are already on it many if not all will follow. You will get︂ controlled by the EU and TAX MAN 24/7/365 they will even tax when you s**t︃ on the toilet.

 

[TravelRose]

I believe you. It is a matter of⁢ time, we can no longer with our savings or reserves reproduce money . I already︀ prepared my plan B out of Europe. And here in Switzerland I will organize a︁ Box.
it's a tragedy

 

[gridline]

"grants access to the general public to beneficial ownership information of EU based companies‌"

Does this mean, that if i own a company on Cyprus, with nominee direction‍ and shareholders, that it will be possible for people to look up that I am⁠ the owner?

If so, is there anything I can do now to prevent this?

 

[hernanday]

I feel sorry for people living in Europe, it seems like not only do they‌ make more of these laws, but the speed at which they do is increasing so‍ rapidly. I remember just in 2010 walking into banks in Norway and Finland as a⁠ tourism and depositing thousands of dollars as a non-eu resident and no questions asked, no⁤ problems. Today I'm sure it would be impossible. You guy are lucky brexit occurred, EU⁣ will hopefully crumble and stop terrorizing the planet. EU is turning into a fascist zone⁢ with no freedom, it looks more and more like communism and fascism won over there,︀ I really feel badly, when will your citizens fight back against this madness?

 

[hernanday]

Yeah, they even cracking down on art dealers,⁢ so they will not only come for your gold in your account but the art︀ in your house.

 

[hernanday]

Mafia has fronts, so cashless︉ society doesn't stop them from money laundering. They just claim to have capucchino shops that︊ deliver and pizza shops. When a guy buys drugs they claim it was pizza on︋ the terminals or coffee and there is no way to disprove it easily. None of︌ these rules stop crime, they just make it slightly less profitable. The decrease in privacy︍ is a big problem, but myself as someone who dealt in art, is concerned that︎ they added art dealers. Now, I am going to be made to be the police️ man over my customers source of money, with none of the training, none of the‌ expertise of police, none of the tools or equipment, and none of the powers of‍ police. All this means is I have no power to stop money laundering, but if⁠ the cops ever catch a criminal who happened to buy $5 of art in my⁤ store, now I am a criminal because I didn't waterboard him to find out where⁣ his $5 came from. As if your customer will admit he is a terrorist narco-trafficker⁢ and that the money he is using comes from cocaine sales. It is like that︀ poem about communism russia or n**i germany that my polish teacher use to tell me︁ about as a kid, every man, woman and child was turned into a spy for︂ the state.

 

[hernanday]

It is all about tax. It will not stop⁤ crime, it will just transform it. Criminals will open stores and claim drug sales are⁣ of legitimate products like coffee or capucchino as the mafia already does. So they will⁢ effectively still sell drugs, still launder money, and still not get caught.

 

[hernanday]

If the bank knows you have nominee shareholders, the public will⁣ know. They are trying to erase all privacy in the EU because it is the⁢ goal of some NGO groups and OECD groups writing these laws. I can't wait for︀ Brexit now, Boris Johnson is the best thing to happen to the EU, hopefully it︁ implodes.

Perhaps leave the EU before they just turn into a full on fascist communist︂ state.

None of those laws will stop Putin from being a trillionaire, they are all︃ bulls**t. He will continue to use nominees, who if they ever dear ripped him off︄ would be killed by KGB agents. These laws only screw the medium and small business︅ guys from using protection of their assets from money hounds.

 

[ivan1911]

I also hope eu crumbles , terrible thing it became.
It's like modern communism ,‌ give us all your money and we know best where to put it and to‍ who we give it. They want absolute control !

 

[void]

That's why crypto is so important. We shouldn't see it as a salvation but it's powerful⁠ and important tool to fight against the slavery. bulls**t talks about no underlying value are⁤ not good for anything - the value itself is in trust of people in something⁣ that cannot be controlled (doesn't mean criminalized) by states and governments.

 

[hernanday]

Expct to see crpyto on the next round of aml. They are going⁤ to go after the exchanges, because so few people use them in peer to peer⁣ transactions.

 

[KJK]

Not in the next round, it is already included in the current round:
https://cointelegraph.com/news/what...ndering-directive-means-for-crypto-businesses