“The finance world is in the throes of a digital revolution. The digitalization of the sector has accelerated significantly since the pandemic.”
AML6: Key changes
Extended criminal liability
Under the current directive, only individuals can be punished for the act of money laundering. However, 6AMLD will extend criminal liability to allow for the prosecution and punishment of legal persons. Specifically, the new rules will place AML/CFT liability on management employees as well as on employees separately.
6AMLD introduces a minimum prison sentence of four years for money laundering offences as opposed to one year previously. Sanctions can range from fines for individuals to the exclusion from access to public funding for entities.
Prior to 6AMLD, EU regulations sought only to punish those who profited directly from the act of money laundering. Under the new regulation, “enablers” will also be legally culpable. In practical terms, “aiding and abetting” means that anyone who assists money launderers will themselves be committing the crime of money laundering. This expanded scope also includes anyone caught inciting money laundering or attempting to launder money.
Cooperation among Member States
The crime of money laundering can be committed in one jurisdiction before its financial proceeds are laundered in another. 6AMLD addresses the issue of dual criminality by introducing specific information-sharing requirements among jurisdictions so that criminal prosecution for related offences can take place in more than one EU member state. Member states involved in a prosecution will work together to centralize legal proceedings within one single jurisdiction.
ACPR Conference – November 2021
Towards a European supervisory authority
Two priority areas of action :
- AML-CFT supervision
- Coordination role for the non-financial sector
- Direct supervision of the entities in the financial sector with the highest AML/CFT risks
- Supporting Financial Intelligence Units
- Facilitating cooperation
- Establishing standards for the transmission and exchange of information
- Developing joint operational analysis
- Hosting the FIU.net exchange system
- The center of an integrated system of national AML/CFT authorities
“Lucia LCB-FT”: an innovative on-site control tool
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