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ARTICLE · 26 JUNE 2018

Financial Regulatory Developments Focus – June 20, 2018 Issue 24/2018

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On June 7, 2018, the Council of the European Union and the European Parliament announced their agreement on new EU criminal sanctions for money laundering. The proposed Countering Money Laundering ...

GlobalFinance and Banking
A&O Shearman
A&O Shearman
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AML/CTF, Sanctions and Insider Trading

EU Agrees Countering Money Laundering by Criminal Law Directive

On June 7, 2018, the Council of the European Union and the European Parliament announced their agreement on new EU criminal sanctions for money laundering. The proposed Countering Money Laundering by Criminal Law Directive will complement the Fifth Money Laundering Directive, which was adopted in May 2018.

The new Directive establishes minimum rules on the definition of criminal offences and sanctions in the area of money laundering. Member states will be required to implement national laws providing for money laundering offences by individuals to be punishable by a maximum term of imprisonment of at least four years. National laws will continue to provide for additional measures, such as fines, temporary or permanent exclusion from public tender procedures, grants and concessions, and national laws will also provide for national courts to take into account any

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