28 Jan Update on 6AMLD

Harmonization efforts in the EU are not too often seen but money laundering in the EU alone amounts to roughly €200 Billion and 6AMLD aims to further combat it. Post-Brexit UK has elected not to implement these measures as the administration has deemed the measures already in place as being greater than what 6AMLD seeks to accomplish.

While this should ease the worry of anyone solely operating in the UK, those with operations anywhere in the European Union should take care to ensure they remain compliant. For those firms, it is important to consult with experts as to avoid all of the new penalties and liabilities that could fall onto the shoulders of those who are unwary.

6AMLD will implement the following:

• Extension of Criminal Liability;
• Expanded Regulatory Scope;
• Tougher Punishment;
• Harmonization of money laundering definition;
• Member-State Cooperation.

Here at Wicker Hamilton, we pride ourselves on making sure that we provide you with the best legal and compliance ancillary support. Post-Brexit regulation will change the way that we do business with/in Europe. We can help you make sense of the mess.

We have good coverage on both sides of the UK/EU border and are ready when you need us.