The European Commission presented yesterday a package of four legislative proposals to strengthen the European Union’s (EU’s) anti-money laundering and counter financing of terrorism (AML/CFT) rules.

The package includes a proposal for the creation of a new EU authority to fight money laundering, new AML/CFT regulations with a focus on customer due diligence and beneficial ownership, rules to make crypto-assets traceable and a new sixth directive on AML/CFT.

Traders in precious stones and metals, works of art, and businesses storing, trading or acting as intermediaries in works of art in free zones or customs warehouses are listed as obliged entities in the new AML/CFT regulations (Trade-based Financial Crime, 21 July 2021, Traders in art, precious stones and metals in focus in new EU AML/CFT package).

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