In the proposal for a new Regulation on General and Specific Duties to Prevent and Combat Money Laundering and the Financing of Terrorism, which is under public consultation, it is argued that luxury goods traders must have new obligations to identify their customers and report suspicious situations, according to a report by Jornal de Negócios.

Under review is the purchase of clothing, accessories, furniture, electronics or even alcoholic beverages, with ASAE advocating that the new obligations should be applied as long as sales exceed €3,000 in cash or €10,000 by other means of payments

The proposal that is under public consultation also includes some clarifications of concepts, namely that of “goods with a high unit value”. This concept should therefore also cover transactions related to oil, weapons, tobacco products, cultural artefacts and other items of archaeological, historical, cultural and religious relevance or of rare scientific value, as well as ivory and protected species.