Directive (EU) 2018/1673 on combating money laundering by criminal law

Summary:

On 21 December 2016 the European Commission presented a proposal for a Directive aimed at strengthening criminal law measures to counter money laundering.

The Council of the European Union agreed on its general approach regarding the proposal in June 2017. The European Parliament's plenary session approved the mandate for negotiations in January 2018. An informal agreement between the two institutions was reached in May and the Directive was adopted on 23 October.

Further information:

While all Member States criminalise money laundering, existing definitions of criminal offences and sanctions related to it vary across the European Union. Those differences leave existing national rules open to exploitation by terrorists and criminals, who are more likely to commit crimes where penalties are less stringent.

The proposed Directive was first announced in the Action Plan on strengthening the fight against terrorist financing, launched in February 2016. The draft law was adopted as part of a package of legislative measures aimed at increasing the EU's capacity to fight the financing of terrorism and organised crime.

• Primary Source

Official

EUR-Lex: COM(2016)826: Proposal for a Directive on countering money laundering by criminal law http://eur-lex.europa.eu/legal-content/EN/HIS/?uri=COM:2016:826:FIN

European Parliament: Legislative Train: Countering money laundering by criminal law http://www.europarl.europa.eu/legislative-train/theme-area-of-justice-and-fundamental-rights/file-countering-money-laundering-by-criminal-law

European Parliament: Legislative Observatory: Procedure File on countering money laundering by criminal law http://www.europarl.europa.eu/oeil-mobile/fiche-procedure/2016/0414(COD)

European Commission: Fact Sheet, 21/12/2016: Proposal for a Directive on countering money laundering by criminal law [Q&A] http://europa.eu/rapid/press-release_MEMO-16-4452_en.htm

Council of the European Union: Press Release, 08/06/2017: More effective rules to counter money laundering - Council agrees on its position http://www.consilium.europa.eu/en/press/press-releases/2017/06/08-countering-money-laundering-by-criminal-law/

Council of the European Union: Press Release, 07/06/2018: EU agrees new rules to make sure money laundering criminals are punished http://www.consilium.europa.eu/en/press/press-releases/2018/06/07/eu-agrees-new-rules-to-make-sure-money-laundering-criminals-are-punished/

European Commission: Statement, 07/06/2018: Commission welcomes agreement on stronger rules criminalising money laundering http://europa.eu/rapid/press-release_STATEMENT-18-4092_en.htm

European Parliament: Press Release, 07/06/2018: EU-wide penalties for money laundering: deal with Council http://www.europarl.europa.eu/news/en/press-room/20180605IPR05049/

---