The EU has adopted a Directive on criminal sanctions for money laundering. The Directive:
- sets minimum requirements for Member States’ laws on defining criminal offences and sanctions in relation to money laundering;
- imposes a maximum 4 years’ imprisonment with the possibility for additional civil and administrative sanctions;
- introduces the possibility of holding legal entities liable for certain money laundering activities; and
- aims to improve cross-border co-operation on enforcement.
Member States will have 24 months to implement the Directive once it has appeared in the OJEU.