Starting in 1991, the Anti-Money Laundering Directives were laws implemented by the European Union, in order to fight money laundering and financial crimes across the member states of the Union. Fifth Anti-Money Laundering Directive came into effect in January 2020, and one of the biggest and most important changes was that cryptocurrencies and cryptocurrency exchanges were then officially regulated by the EU. Less than a year later, the Sixth Directive was issued with the implementation date of June 3rd, 2021.
6AMLD seeks to address issues of certain “loopholes” and inconsistencies of previous directives, and harmonizes the definitions of money laundering offenses, as well as extends the criminal liability for those committing those offences. Under the 6AMLD, also those who passively assist money launderers or “permit it” on their platforms. Previously, only companies would be held accountable. Now, individuals within organizations can be prosecuted for crimes that include “aiding and abetting”, “attempting”, and “enticing” money laundering and related crimes.
Previously, only companies would primarily be held accountable. Now, individual decision-makers within an organization can also be prosecuted for crimes including “aiding and abetting”, “inciting”, or “attempting” money laundering.
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