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Money laundering: Real estate required to report business every three months - 22 /02/ 2020

The new rules on the prevention of money laundering will oblige the real estate sector to inform the regulator of all real estate transactions on a quarterly basis, indicating the values, means of payment and numbers of the payment accounts used, reports the Express .

The idea is that the Institute of Public Markets for Real Estate and Construction (IMPIC), which now receives this information every six months, can make a more timely analysis of the business and report irregularities or suspicions of illegality to the authorities, read up, money laundering.

At stake is a draft law passed last Thursday in the Council of Ministers through which the fifth Community directive on money laundering will be passed into national law.

There will also be new obligations to report suspicious transactions on the part of all professionals who provide tax advice, pension funds that finance pension plans whose members are members of management bodies or art galleries and gold or precious metal traders whenever they are dealing with amounts above ten thousand euros (currently the ceiling is 15 thousand euros)

Small traders, on the other hand, will have some relief, as they no longer have to identify customers or analyse transactions, unless they make cash sales above three thousand euros.

The directive also regulates cryptocurrencies as far as money laundering is concerned and, in that sense, national law will also have new rules and tighter surveillance. The draft law approved by the Government, writes Expresso, thus obliges service providers in the area of ​​virtual money to apply money laundering prevention rules, namely through the identification of their customers.

The new law also provides, as the Government had already announced, for simplifying registration procedures in the Central Register of the Beneficiary.


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