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]

• 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]

(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]

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]

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]

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]

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 .

 

[TravelRose]

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 .

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]

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 s**t on the toilet.

 

[TravelRose]

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)

I believe you. It is a matter of time, we can no longer with our savings or reserves reproduce money . I already prepared my plan B out of Europe. And here in Switzerland I will organize a 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]

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)

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

 

[hernanday]

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...

Mafia has fronts, so cashless society doesn't stop them from money laundering. They just claim to have capucchino shops that deliver and pizza shops. When a guy buys drugs they claim it was pizza on the terminals or coffee and there is no way to disprove it easily. None of these rules stop crime, they just make it slightly less profitable. The decrease in privacy is a big problem, but myself as someone who dealt in art, is concerned that they added art dealers. Now, I am going to be made to be the police 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 that poem about communism russia or nazi germany that my polish teacher use to tell me about as a kid, every man, woman and child was turned into a spy for the state.

 

[hernanday]

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 s**t on the toilet.

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]

"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?

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 for Brexit now, Boris Johnson is the best thing to happen to the EU, hopefully it implodes.

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

None of those laws will stop Putin from being a trillionaire, they are all bulls**t. He will continue to use nominees, who if they ever dear ripped him off would be killed by KGB agents. These laws only screw the medium and small business 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]

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 !

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]

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.

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]

Expct to see crpyto on the next round of aml.

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