Europe

Explainer: Why EU is targeting footballers, crypto traders and jewellers in money laundering overhaul

Certain professions will soon come under added financial scrutiny thanks to an overhaul of EU anti-money laundering rules

The EU is expanding its money laundering laws to catch more entities that it views as potential ‘gatekeepers’ for criminals and terrorists. Picture: Getty

MEPs have signed off on new anti-money laundering rules, the fifth time the EU has updated its rule book.

Existing rules already apply to banks, fund managers, real estate agents and casinos, but the EU wants to catch more entities that it views as potential “gatekeepers” for criminals and terrorists.

The overhaul was first mooted five years ago after a number of banking scandals, including the collapse of Danske Bank’s Estonian branch over what US ...