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

challenge

MoneyMaker
Entrepreneur
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

Offshore Research & Development.
Business Angel
  • 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
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

Offshore Agent
Business Angel
(no key to take home, no invoice @home, plan ahead guys, the EU guberment wants - and will take all your money when TSHTF)
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

MoneyMaker
Entrepreneur
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: where they go to work after they stop working at EU parliament/commissions? they usually get well paid C-levels jobs at those multinationals they helped with their loopholes...

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

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

TravelRose

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

TravelRose

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

Bmw850

Trusted Member
Business Angel
Mentor Group
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: where they go to work after they stop working at EU parliament/commissions? they usually get well paid C-levels jobs at those multinationals they helped with their loopholes...

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

Half of London's laundries are washing Russian mafia's money since decades. Nobody has given a f***, nobody has been arrested. I know russians that own nearly entire boroughs of London...
Panama papers is plenty of politicians and usually they get out clean...
Nothing to add, everything right, only the little not well structured will suffer.
It s like the story of the 500€ banknote disappearing to avoid laundery... I still can get how much I want smi(&%.
 

TravelRose

New Member
Nothing to add, everything right, only the little not well structured will suffer.
It s like the story of the 500€ banknote disappearing to avoid laundery... I still can get how much I want smi(&%.
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 is insane. Now is the first time in my life that I have the Money at home, and a part in my Sister's account abroad, because these guys want documents for everything. It will come the day that to buy a loaf I have to ask permission. I'm tired of this disgusting system.
 

lavel

Offshore Agent
Business Angel
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 is insane. Now is the first time in my life that I have the Money at home, and a part in my Sister's account abroad, because these guys want documents for everything. It will come the day that to buy a loaf I have to ask permission. I'm tired of this disgusting system.
Just wait until every EU country has adopted to dispose CASH - the Scandinavian countries are already on it many if not all will follow. You will get controlled by the EU and TAX MAN 24/7/365 they will even tax when you shit on the toilet.
 
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