By PAUL O’DONOGHUE, Senior Correspondent
THE EU is pushing for crypto transfers to be tracked, according to Eurogroup President Paschal Donohoe.
Mr Donohoe, who is also Ireland’s Minister for Finance, said the move could see increased transparency around the senders and recipients of crypto assets.
“Another element of the work that we’re doing at an EU legislative level is a reclass of performance transfer mechanisms,” he said during a keynote address at the ‘European Anti-Financial Crime Summit 2025’ (EAFCS).
“Specifically, to record data on the senders and recipients of funds [so it] now applies to crypto asset service providers.
“It’s essential that we broaden the scope of this kind of financial regulation. To move it beyond the more traditional forms of financial transfer. To now also deal with issues such as the transparency of crypto asset transfers.”
The European Commission publishes information on contractors and funding beneficiaries under its direct and indirect management via its Financial Transparency System (FTS). The system primarily tracks beneficiaries of funding from the EU budget.
Standardizing EU rules
Mr Donohoe also told EAFCS 2025 of the importance of the new AML Authority (AMLA) in standardising rules for financial institutions across the EU.
“Closer cooperation and coordination is absolutely critical. Not just at an international level, at a European level,” he said.
Mr Donohoe said an example of this closer cooperation is the new EU single rule book for AML and CFT (Countering the Financing of Terrorism).
The Single Rulebook aims to create a unified framework that streamlines AML/CFT rules across Europe. AMLA will oversee its implementation.
“This initiative is a landmark development. What it aims to do is to create a strong toolkit for tackling these deeply serious issues,” Mr Donohoe said.
“In addition to harmonizing huge measures, this package will also extend the possibilities of information sharing, which has long been identified as a challenge to how we can effectively combat financial crime,” he said.
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