Anonymous transactions with cryptomeda may have their days numbered in Europe. The bloc wants to restrict money laundering and terrorist financing actions to protect the European Community’s financial system.
A package presented this Tuesday (20) contains legislative proposals on the subject. These include the creation of a body to transform the supervision of money laundering and terrorist financing practices and the imposition of a limit of €10,000 (BRL 61,500) on cash transactions.
In addition, you will need to include the sender’s name, address, date of birth and bank details, as well as the recipient’s name in transactions. “The Commission will provide access to the system to law enforcement authorities. This will speed up investigations and recovery of appeals in international cases.”
According to the document, these amendments must ensure complete tracking of transfers of cryptoactives, such as bitcoin. “Anonymous wallets will be prohibited, as well as anonymous bank accounts already are”, he describes.
All cryptoactives must be affected by the measures. “The fight against money laundering and terrorist financing is vital to ensuring financial stability and security in Europe,” the proposal reads. “Legislative gaps in any one state have an impact across the European Union.”
Now, the package goes to the European Parliament and Council for approval. The expectation is that the agency will come into operation by 2024.
Cryptocurrencies are at the center of many recent cyberattacks. It is common for them to be demanded by criminals in ransomware attacks, where scammers hijack the companies’ systems and demand ransom payment, as transactions are anonymous or difficult to track.
In the US, the Joe Biden administration has sought to intensify efforts to track cryptocurrencies used in cyberattacks. The US government plans to offer rewards of up to $10 million for information that helps catch criminals.