On 12 November 2018, the directive 2018/1673 on combating money laundering by criminal law (the "sixth anti-money laundering directive") and the new regulation 2018/1672 on controls on cash entering or leaving the EU, were published in the Official Journal of the EU. These new EU instruments will complement the existing anti-money laundering framework by strengthening the preventive framework to combat money laundering and terrorist financing, but also by introducing a harmonised repressive framework. In particular, the sixth AML directive establishes minimum rules for criminal liability for money laundering by, among other things, (i) harmonising the definition of money laundering and the predicate offences, (ii) imposing minimum sanctions and (iii) extending criminal liability to legal persons.
The sixth anti-money laundering directive will need to be transposed by 3 December 2020, while the regulation will apply to Member States from 3 June 2021 onwards.
A more detailed briefing on the impact of these new EU measures will follow.
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© 2018 White & Case LLP
