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NEW EU RULES TO PREVENT MONEY LAUNDERING AND TERRORIST FINANCING

In the shadow of money laundering at Danske Bank, the largest Danish bank whose Estonian branch has lost every track of $ 8.3 billion, the EU parliament has adopted on 12 September 2018, new directive which sets new measures for combating money laundering and terrorist financing. The new directive aims at harmonizing European law with respect to the criminalization of money laundering, which includes EU-wide definition of money laundering-related crimes, as well as EU-wide minimum penalties, such as a minimum of four years of imprisonment for money laundering maximum sentences. After formal approval by the European Council, Member States will have two years to bring the new rules into force.