The 6th Anti Money Laundering Directive of the European Union is also known as 6AMLD. It was adopted in October 2018 and December 2020. The purpose of this is to strengthen the current AML framework by extending its scope of application, harmonizing criminal law across the EU, and enhancing cooperation between member states.

What are the Core Topics of 6AMLD?

The 6^th Anti-Money Laundering Directive (6AMLD) is a major step forward in the EU’s fight against money laundering. It addresses gaps in Member States’ national legislation by clarifying money laundering and establishing a harmonized list of 22 primary offenses. For the first time in 6AMLD, cybercrime is included as a primary offense, reflecting changing criminal methods. The 22 primary offenses, which range from organized crime and tax crimes to cybercrime, act as components for the generation of monetary proceeds that can be used to fund money laundering or terrorism. 6AMLD broadens the scope of its regulation by including “aiding” and “enablers,” broadening the scope of who can be prosecuted, and extending criminal liability to legal persons. As a result of 6AMLD, management employees will be held accountable for key individuals’ actions, with penalties ranging from temporary bans to judicial supervision to permanent closure.

6AMLD introduces harsher punishments, with a minimum of four years in prison for money laundering offences. This reflects the EU’s commitment to stronger enforcement, with financial repercussions and imprisonment. 6AMLD encourages cooperation between EU member states by tackling double criminality. Requests for information-sharing facilitate cross-border prosecution and require criminalization of certain crimes. Factors such as victims’ origin, offender’s nationality, and jurisdiction are considered when centralizing legal proceedings. In short, 6AMLD is a set of measures designed to bolster the EU’s anti-money laundering regime by encouraging co-operation, increasing accountability, and strengthening sanctions.

What are the 22 Predicate Offenses Included in 6AMLD?

The list of 22 predicate offenses is a collection of criminal activitiesthat can generate proceeds which can be used for money laundering purposes. This list was created in the framework of the 6^th AMLD. The goal of this list is to assist financial institutions and institutions in the investigation, detection, prevention of money laundering cases. Other criminal activities may also be considered as predicate offense by EU member states. These offenses include terrorism, organized crime, drug, human and arms trafficking, kidnapping, fraud, extortion, market manipulation, insider trading, cybercrime, bribery, copyright infringement, theft and robbery, migrant smuggling, sexual exploitation, illicit trafficking of cultural goods including antiquities or works of art, illicit trafficking of hormones, other growth promoters, illicit arms trafficking, environmental crimes, and tax crimes.