Sixth Anti-Money Laundering Directive on the way

On 12 November 2018, the Sixth Anti-Money Laundering Directive (6AMLD) was published in the EU’s Official Journal.

This is reported as follows by ComplyAdvantage (whose Isabella Chase is one of the panellists at the AML Update panel session to be moderated by David Clifton at the KnowNow Keeping Crime out of Gambling conference on 22 January 2019):

6AMLD aims to harmonize money laundering laws at a national level and enable swifter and more efficient cross-border information sharing between competent authorities. The new directive must be transposed by early December 2020, 11 months after the implementation date of the Fifth Anti-Money Laundering Directive (5AMLD).

Member states, especially those still struggling with 4AMLD, will have their work cut out getting their laws in order. 6AMLD requires states to make changes to the definition of money laundering which will impact law enforcement and judiciaries. There are also a few quirks in the directive which could have far-reaching implications. Recital 17 for example, on jurisdictions and the use of Information Communications Technology (ICT) to commit a crime, is worth highlighting. For companies, 6AMLD will be less of a concern as it doesn’t bring in any new practical compliance obligations. For compliance professionals however, the new directive will make future money laundering indiscretions punishable by a minimum four-year jail sentence combined with the possibility of fines and a bar to practice. 

More news on this in due course.