The demands of EU politicians in Chapter 3.04 Free movement of capital are aimed at removing all restrictions on the movement of capital both within the EU and between member countries and third countries, with certain exceptions. Legislation in this area is based on the Agreement on the Functioning of the European Union, especially on Articles 63-66. Annex I of Directive 88/361/EEC provides for the definition of various types of capital movements. The legislation also includes rules related to cross-border payments and the execution of transfer orders related to securities. The directive for the fight against money laundering and terrorist financing requires banks and other economic operators, especially those who carry out high-value operations and large cash transactions, to identify their clients and to report certain transactions. A key requirement for the fight against financial crime is the creation of efficient administrative and enforcement capacity, including cooperation between supervisory authorities, law enforcement authorities and prosecutors.
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