23 Nov 2018
The European Union’s new rules aimed at strengthening its financial crime regime have been published in the Official Journal of the EU (OJEU).
Dubbed the Sixth Anti Money Laundering Directive (6AMLD), the regulations complement the criminal law aspects of the EU Fifth Anti-Money Laundering Directive (5AMLD), which was formally adopted in May 2018.
6AMLD introduces a maximum jail term of at least four years, and judges may also impose additional measures such as fines, as well as exclusion from access to public funding, such as tender proceedures.
Other sanctions include a permanent ban from practicing commercial activities and the closure of establishments used for committing the offence.
Transposition and enforcement
All EU countries are expected to bring into force the laws and administrative provisions necessary to comply with this directive by 3 December 2020.
Member states will also have to let the Commission know the main provisions of national law which they will adopt pertaining to the directive.
6AMLD, which was published in the OJEU on 12 November, comes into force on the twentieth day following its publication in the OJEU.
You can claim CPD minutes for reading this article, by signing up to our CPD WalletFREE CPD Wallet