The 6 AMLD has been passed end December 2020 and the deadline for implementation in Member States is June 3rd, 2021.
Key changes of the 6 AMLD:
The new directive aims to toughen criminal penalties and expand the scope of the existing legislation to better fight against money laundering and the financing of terrorism.
What is 6AMLD about and what are the key changes?
The first EU Anti Money Laundering Directive came into effect on the 10 June 1991. Over the subsequent AMLDs, the range of financial crimes captured under regulation widened and the directives also became applicable to lawyers, accountants, and real estate agents. The most recent 5AMLD saw AML regulation being introduced into the cryptocurrency sector.
- A cornerstone of 6AMLD is the standardisation of the EU’s definition of Money Laundering across the EU. The 6AMLD details 22 predicate offences, the crimes that actually create sources of monies that need laundered. The 6AMLD sees cybercrime captured within the directive for the first time.
- “Aiding, Abetting, Inciting and Attempting to commit an offence of money laundering”, now constitutes money laundering itself. This is seen as a step aimed at deterring professional enablers, but also a step aimed at accomplices of money launderers who are often involved in complex money laundering schemes.
- Under the 6AMLD, criminal liability for money laundering has been extended to allow for prosecution and punishment of legal persons i.e. Companies and Partnerships. This directive places AML & CTF responsibilities on management employees along with employees separately.
- The 6AMLD introduces a minimum prison sentence of 4 years for money laundering offences, increased from the previous 1 year.
- Underpinning the 6AMLD is the drive for greater and more powerful EU Member State cooperation to tackle and prevent Money Laundering and Terrorist Financing