16 Oct 2018
Countries across the European Union will have two years to implement a new system of jail sentences and sanctions for money launderers following the Council of the EU’s formal adoption of the EU’s latest anti-money laundering directive, dubbed 6AMLD (Sixth Anti-Money Laundering Directive) on 11 October 2018.
Once the directive is published in the EU official journal, member states have up to 24 months to transpose it into national law.
The new directive complements the criminal law aspects of the EU Fifth Anti-Money Laundering Directive (5AMLD), which was formally adopted in May 2018.
Under the new rules, money laundering activities will be punishable by a maximum jail term of at least four years, and judges may impose additional sanctions and measures, such as temporary or permanent exclusion from access to public funding, as well as fines.
The measures also cover the possibility of holding legal entities liable for certain money laundering activities which can face a range of sanctions, such as exclusion from public aid and placement under judicial supervision.
You can claim CPD minutes for this content, by signing up to our CPD WalletFREE CPD Wallet