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Football and Anti-money Laundering: The New Package Adopted by the EU Parliament Can Shake Things Up


The European Parliament has recently adopted a robust package of laws aimed at strengthening the EU’s arsenal in the fight against money laundering and terrorist financing. While these laws have wide-reaching implications across various sectors, one area that stands to be significantly impacted is the world of professional football. The laws still need to be formally adopted by the Council, too, before publication in the EU’s Official Journal.




Football Clubs and Agents Under the Spotlight


Starting from 2029, top-tier professional football clubs involved in high-value financial transactions with investors or sponsors, including advertisers and the transfer of players, will be subject to stringent due diligence measures. These clubs, along with their agents, will be required to verify their customers’ identities, monitor transactions, and report any suspicious transaction to Financial Intelligence Units (FIUs).


This move marks a significant shift in the regulatory landscape for football clubs and agents. It underscores the recognition of the potential risks associated with high-value financial transactions in the football industry and the need for greater transparency and accountability.





Enhanced Due Diligence Measures


The new laws include enhanced due diligence measures and checks on customers’ identity.


After these checks, so-called obliged entities, which now include football clubs and agents, have to report suspicious activities to FIUs and other competent authorities.



A New Era of Transparency in Football


These new regulations herald a new era of transparency in football, ensuring that the beautiful game is not tarnished by illicit financial activities. They serve as a reminder that football, like any other industry, is not immune to the risks of money laundering and terrorist financing.



Looking Ahead


As we look towards 2029, football clubs and agents must prepare for these changes and the increased scrutiny that comes with them. It will be interesting to see how these new rules reshape the financial landscape of professional football in the years to come.



 

Sources:


https://www.europarl.europa.eu/news/en/press-room/20240419IPR20586/new-eu-rules-to-combat-money-laundering-adopted


 

Appreciate you reading today!


Excited to see how the world of professional football will fight against money laundering and terrorist financing.


Best,

Team CUBOPRO




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