Blockchain is a distributed, encrypted database model that has the potential to solve many problems around online trust and security. Blockchains can potentially use a lot of energy and create high levels of carbon emissions because of this, during 2022, we are likely to see a great deal of emphasis on attempts to “greenify” blockchain. Currently, there are at least four types of blockchain networks — public blockchains, private blockchains, consortium blockchains, and hybrid blockchains. The worldwide blockchain market was valued at $1.57 billion in 2018 & is forecast to grow more than hundred times to $163 billion by 2027.
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On May 30, 2024, the European Union Council published a package of legislative proposals to strengthen the EU’s rules on anti-money laundering and countering the financing of terrorism (AML/CFT).
The EU AML Package consists of:
• Sixth Anti-Money Laundering Directive:
• Organizes national authorities to combat money laundering and terrorism financing.
• Creates Centralized Bank Account Registers for single access point data
• Harmonizes the format of bank statements for better tracing and confiscating crime proceeds.
• EU "Single Rulebook" Regulation:
• Harmonizes anti-money laundering rules across the EU.
• Includes new entities like crypto-sector, luxury goods traders, football clubs, and agents.
• Sets EUR 10,000 limit on cash payments
• Imposes stricter due diligence standards and regulates disclosure of beneficial ownership.
• Anti-Money Laundering Authority:
• Based in Frankfurt, it will have supervisory powers over...
