EU Sixth Anti-Money Laundering Directive (6AMLD) published, transposition date set
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.

Read more:

Link to the directive in the OJEU

HSBC fined over poor money laundering controls in South Africa

Unexplained wealth orders: Woman who spent £16m in London store arrested

EU Sixth Anti-Money Laundering Directive (6AMLD) – Expert analysis of new EU measures

You can claim CPD minutes for reading this article, by signing up to our CPD Wallet

FREE CPD Wallet
Must Read

Bearing witness to financial crime, across party lines

If it seems like an odd recipe for financial oversight, it’s also a surprisingly effective one: take five to ten congressional staffers, exile them to a squalid basement office with “hard-boiled” charm in the U.S. Senate’s oldest building, give them access to subpoena powers and a seemingly endless series of… Read More

Anti-money laundering analysis: UK FCA and EU blacklists update

A key element in the application of the risk-based approach (RBA) to financial crime is the identification by a firm of those countries with which its customers are closely linked and which are also adjudged to be high risk in financial crime terms. There are many lists of such high-risk… Read More