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EU 6th Money Laundering Directive comes into force

The 6th Money Laundering Directive became law in EU states on 3rd June 2021.

The UK decided not to implement the changes, as it believes current UK legislation already covers the issues addressed or goes further.

However, the legislation is important for those with cross border/ European products.

Key changes include:

• The introduction of 22 predicative offences including corruption, trafficking in stolen goods, human trafficking and forgery.

• The harmonisation of money laundering offences

• The extension of liability from natural persons to include legal persons such as partnerships and corporations

• Increased penalties, including increasing prison sentences and increasing the scope of asset freezing.

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