World
What do newly approved anti-money laundering rules cover?
EU lawmakers voted in a landslide in favour of new curbs on crypto, football clubs and cash transactions.
EU lawmakers today voted 482 to 47 to set up a long-promised EU anti-money laundering agency, as part of a package that would also see large cash payments banned across Europe.
The move – taken by MEPs at their last voting session before June elections – means new rules apply for football deals and crypto transactions, as the bloc seeks to repair its reputation after a series of financial-sector scandals.
“Dirty money finances terrible crimes,” EU financial services commissioner Mairead McGuinness said, adding that there was an “absolute imperative to improve significantly on the current situation”.
Those views seemed largely shared across the political divide – including by Damien Carême (France/Greens), one of the MEPs who led negotiations.
Terrorists and fraudsters “exploit the loopholes in European legislation”, Carême told lawmakers. “We have to act decisively to ensure a robust system.”
What do new EU money-laundering rules do?
New rules include a limit on professional traders accepting or paying cash for any transaction over €10,000 – given that big wads of untraceable banknotes can send alarm bells over financial crime.
Some lawmakers claim that’s an attack on financial freedom.
“Keep your hands off our cash and our digital currencies,” Patrick Breyer of the German Pirate Party told lawmakers. “We Pirates say no to this creeping financial disenfranchisement.”
Yet one of the most touchy subjects of the complex package has been geographical: the question of where to house a new EU anti-money laundering agency.
After a first-of-a-kind 12-hour public hearing, German financial centre Frankfurt won out, from a slate of candidates that also comprised Paris, Rome, Madrid, Vienna, Riga, Vilnius, Brussels and Dublin.
Its 400-odd staff will directly supervise dirty-money controls at 40 of the bloc’s biggest financial institutions.
Expanded scope of new anti-money laundering laws
EU money laundering laws already apply to big institutions like banks, who are required to verify who their customers are, and report suspicious transactions to the authorities.
Those rules will also apply to high-risk sectors like traders in artwork, jewellery and luxury yachts. They’ll be extended to cover innovative services like cryptocurrency providers—as lawmakers are concerned bitcoin and other, even more anonymous assets can be used for illicit payments.
At MEPs’ insistence, the measures apply to major football clubs and agents – given the large amounts of sometimes dubious money that circulates between them.
More consistent rules
For the first time ever, the EU’s rules are set out in a regulation that will apply more or less consistently across the bloc.
That means less discretion for each country to tweak rules for the national context – creating discrepancies that make it harder for legitimate businesses to operate across borders, and easier for criminals and terrorists to exploit the system.
A separate money laundering directive, also agreed today, resolves issues over how journalists and activists can trace the financial structures used to hide wealth.
Arrangements were thrown into disarray by a shock 2022 EU court judgment that restricted access to company ownership registers on privacy grounds.
Why does the EU need new anti-money laundering rules?
Officials hope the new rulebook will help improve the EU’s reputation for dirty money, closing the chapter on a series of scandals.
Two EU members – Croatia and Bulgaria – currently sit on a “grey list” of suspect money laundering jurisdictions compiled by international standard-setter the Financial Action Task Force (FATF), and Malta was only recently taken off it.
The region also faced a series of financial-sector scandals involving institutions such as Danske Bank, Latvia’s ABLV, and Malta’s Pilatus bank.
Danske was fined billions of euros by US and Danish regulators in 2022, after admitting that around €200bn was laundered through its Estonian arm between 2007 and 2015.
EU talks were given extra salience by the need to enforce sanctions imposed on Russia for its war in Ukraine – given fears that ultra-wealthy oligarchs can use shady financial structures to evade curbs.
When will new EU money laundering rules take effect?
New anti-money laundering controls have been a long time coming, and it’s still not over.
Valdis Dombrovskis berated uneven enforcement and promised to examine a new EU agency in his hearing to become EU financial services commissioner as far back as October 2019.
After several last-minute wrangles, lawmakers and governments announced a tentative deal on the bulk of the law in January 2024.
Once nodded through by national ministers, much of the new regulation kicks in after three years, but there is some flexibility.
Rules for the football sector will take five years to apply, and the new EU agency could start work later this year – though the law setting it up takes effect formally in July 2025.
World
Israel sees no certainty Iran’s government will fall despite war
World
Canada’s Carney under pressure to act after synagogues shot at in latest antisemitic incidents
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Over the weekend, two Toronto synagogues were attacked by gunfire. Several days earlier, another synagogue was hit by around twenty gunshots on the Jewish holiday of Purim.
Though the three attacks caused no injuries, many in the Jewish community are demanding concrete action from Prime Minister Mark Carney — not just words of comfort that have typically followed such antisemitic incidents.
Carney took to X saying that the “antisemitic and criminal attacks violate the right of Canadian Jewish men and women to live and pray in complete safety” and “represent a serious assault on the way of life of all Canadians.”
ISRAELI MINISTER WARNS CANADA IS ‘MARCHING TOWARD THE ABYSS’ AFTER JEWISH MAN ATTACKED IN FRONT OF CHILDREN
Temple Emanu-El in Toronto, Canada was shot at on March 3, 2026. No injuries were reported. (Nick Lachance/Toronto Star via Getty Images)
In the aftermath of the first synagogue attack, Israel’s National Security Council warned Israelis overseas to “maintain vigilance and adhere to safety precautions.” Among their suggestions were for Israelis to “conceal Jewish and Israeli identifiers while in public spaces,” to be aware of surroundings “in areas associated with Israel or Judaism,” and to “avoid visiting sites identified as Jewish or Israeli.”
On X, Israeli President Isaac Herzog said that “all eyes are on Canada: it’s time to halt the unprecedented wave of Jew-hatred that has erupted since October 7th.”
Anti-Israel demonstrators gather outside Union Station during a rally in Toronto, Ontario on Jan. 4, 2024. (Mert Alper Dervis/Anadolu via Getty Images)
Like many Western countries, Canada has seen a marked rise in annual antisemitic incidents since the Hamas terror attack in Israel on Oct. 7, 2023. The League for Human Rights B’nai Brith Canada found that there were 6,219 incidents of antisemitism in Canada in 2024. This constituted an average of 17 incidents per day, more than double the eight incidents per day calculated in 2022.
CANADA’S ANTISEMITISM ENVOY RESIGNS, CITING EXHAUSTION AMID HATE SURGE
While figures for 2025 have yet to be released, Public Safety Canada noted that from April to June 2025, “Among hate crimes targeting religion… the majority were directed at the Jewish community (69%).”
Conservative MP Roman Baber, said the behavior of Canadian Prime Minister Mark Carney and other liberal Canadian politicians have been “adding fuel to the fire of Jew hatred in Canada.”
Baber aimed further criticism at Carney, saying, “When the Prime Minister on the campaign trail says he knows there is genocide in Gaza, he engages in Jew hatred.”
General view of Beth Avraham Yoseph of Toronto synagogue in Thornhill, north of Toronto, Ontario. The place of worship was one of three synagogues attacked in early March 2026.
Baber was referring to an event in April 2025 during which a heckler yelled over a bustling crowd that “there is a genocide happening in Gaza.” Carney responded, “I’m aware, that’s why we have an arms embargo.”
SKYROCKETING ANTISEMITISM IN CANADA SPARKS CONCERN FOR COUNTRY’S JEWS AHEAD OF ELECTION
Carney later said that he did not hear the heckler use the term “genocide.”
Baber noted that “when the Prime Minister recognized the Palestinian state, he rewarded the brutality of Hamas, and he did so on the eve of Rosh Hashanah.”
In his announcement, released the day prior to the Jewish holiday, Carney claimed that recognizing “the State of Palestine, led by the Palestinian Authority, empowers those who seek peaceful coexistence and the end of Hamas,” and “in no way legitimizes terrorism, nor is it any reward for it.” He also claimed recognition “in no way compromises Canada’s steadfast support for the State of Israel, its people, and their security.”
Anti-Israel protesters gather outside the Beth Avraham Yoseph of Toronto synagogue on March 7, 2024. The place of worship was one of three synagogues shot at in the first week of March 2026. (Mert Alper Dervis/Anadolu via Getty Images)
Watchdog organization StopAntisemitism told Fox News Digital that “every day we are seeing painful reminders that antisemitism remains a real and dangerous threat. Acts of violence meant to intimidate or silence our community will not succeed. Loud and proud Jews will not allow hatred or fear to deter our Jewish way of life or our presence in the world. Not in Canada, in the United States, in Europe, and certainly not in Israel.”
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StopAntisemitism called for the perpetrators to “be punished to the fullest extent of the law so that justice is served and deterrence is clear.”
World
Not ‘a litre of oil’ to pass Strait of Hormuz, expect $200 price tag: Iran
Warning comes as 400 million barrels of oil are being released from global reserves during waterway’s closure.
Published On 11 Mar 2026
Iran’s Islamic Revolutionary Guard Corps (IRGC) says it will not allow “a litre of oil” through the Strait of Hormuz as the closure of the key Gulf waterway continues to roil global energy markets during the US-Israeli war on Iran.
A spokesperson for the IRGC’s Khatam al-Anbiya Headquarters said on Wednesday that any vessel linked to the United States and Israel or their allies “will be considered a legitimate target”.
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“You will not be able to artificially lower the price of oil. Expect oil at $200 per barrel,” the spokesperson said in a statement. “The price of oil depends on regional security, and you are the main source of insecurity in the region.”
Global oil prices have fluctuated wildly this week during continued US-Israeli attacks against Iran, which has retaliated by firing missiles and drones at targets across the wider Middle East.
The closure of the Strait of Hormuz, through which about one-fifth of the world’s oil supplies transit, and production slowdowns in some Gulf countries have raised concerns of further disruptions.
Concerns around the duration of the war, which began on February 28 and has shown no sign of abating, are also adding to uncertainty, sending oil prices soaring.
On Wednesday, three ships were hit by projectiles in the Strait of Hormuz, maritime security and risk firms said, including a Thai-flagged cargo vessel that came under attack about 11 nautical miles (18km) north of Oman.
Release of oil reserves
World leaders, including members of the Group of Seven (G7) and the European Union, have been mulling what action to take in response to the war’s impact on global economies.
Christian Bueger, a professor of international relations at the University of Copenhagen and an expert in maritime security, said Europe will be facing “a major energy supply crisis” if the Strait of Hormuz is not reopened.
“For the shipping industry right now, it’s impossible to go through the Strait of Hormuz,” Bueger told Al Jazeera. “And if there are not stronger signals in the near future that they can at least try to go through the strait, then we are looking at a major shipping crisis, which can last weeks if not months.”
On Wednesday, the International Energy Agency (IEA) announced that its 32 member countries had unanimously agreed to release 400 million barrels of oil from their emergency reserves to try to lower prices.
“This is a major action aiming to alleviate the immediate impacts of the disruption in markets,” IEA Executive Director Fatih Birol said during an address from the agency’s headquarters in Paris.
“But to be clear, the most important thing for a return to stable flows of oil and gas is the resumption of transit through the Strait of Hormuz,” he added.
The reserve supplies will be made available “over a timeframe that is appropriate” for each member state, the IEA said in a statement without providing details.
German Economy and Energy Minister Katherina Reiche said earlier in the day that the country would comply with the release while Austria also said it would make part of its emergency oil reserve available and extend its national strategic gas reserve.
Meanwhile, Japan’s Ministry of Economy, Trade and Industry said it would release about 80 million barrels from its private and national oil reserves.
Japanese Prime Minister Sanae Takaichi said the country, which gets about 70 percent of its oil imports through the Strait of Hormuz, would begin releasing the reserves on Monday.
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