EU Criminalize Money Laundering

On Oct. 11, 2018, EU CNCL adopted new rules criminalizing money laundering.

  • New rules include maximum imprisonment of four years for money laundering.
  • Minimum rules on the definitions of criminal offences and sanctions, provision
    for sanctioning legal entities and for cross-border judicial or police cooperation.
  • Clarifying which MS has jurisdiction, how they must cooperate/involve Eurojust.
  • Once the directive is published in OJ, MSs have up to 24 months to transpose.
  • Directive complements, on criminal law aspects, the directive on the prevention
    of use of financial system for purposes of ML/TF, adopted in May.