MEPs vote for new anti-money laundering rules

Released 12 September 2018

Members of the European Parliament (MEPs) have approved new rules closing loopholes in money laundering rules and enabling authorities to stop suspicious cash flows.

The new rules to prevent money laundering introduce by criminalising money laundering will introduce:

EU-wide definitions of money laundering-related crimes,

EU-wide minimum penalties, such as a minimum of four years of imprisonment for money laundering maximum sentences, and

new additional sanctions, such as barring those convicted of money laundering from running for public office, holding a position of public servant and excluding them from access to public funding.

The new rules on cash flows will extend the definition of cash to include gold and anonymous prepaid electronic cash cards, enable authorities to register information about cash movements below the current €10,000 threshold and to temporarily seize cash if they suspect criminal activity, and require disclosure of unaccompanied cash sent by cargo or post.

The new measures still require the formal approval of the European Council. Member states will have 24 months from the date of entry into force of the criminalisation of money laundering directive to bring the new rules into force. The rules on cash controls will apply 30 months from the date of entry into force of the regulation.

For more information, see New EU rules to thwart money laundering and terrorist financing.

0
Be the first to vote
Subscribe