EU Policy. Lawmakers close in on deal to tackle football’s dirty money

The EU is on the cusp of agreeing new anti-money laundering curbs for major football clubs, cash payments and the super-rich.

Though negotiations on the anti-money laundering regulation foundered in December, lawmakers and governments are poised to now extend its reach, after global standard-setters drew attention to the large and often unexplained flows of money flowing through international football.

A meeting to be held Wednesday evening, known as a trilogue, is likely to finalise the bloc’s new anti-money laundering regulation, two sources with knowledge of the talks told Euronews, meaning it could be on the statute book in time for June European elections.

Existing anti-money laundering laws require obliged entities such as banks and real estate agents to do background checks on their customers.

An extension to the football sector “would be applied only to the riskiest transactions,” such as those with investors, agents and sponsors, said a paper prepared by the Belgian government, currently chairing intergovernmental talks on the law, dated 6 January and seen by Euronews.

That suggests ordinary fans wouldn’t need to have their ID approved to buy a season ticket.

It’s still unclear whether football agents would also be obliged entities, and whether member states can exempt teams whose financial, cross-border or league status suggests they’re lower risk.

The new rules, which must be jointly agreed by lawmakers and member states who meet in the EU's Council, are also controversially set to ban cash transactions of over €10,000 – despite the European Parliament pushing for a lower €7,000 limit.

But MEPs may get their way in a bid to impose extra checks on the super-rich.

The high net worth rules shouldn’t mean “stigmatising