The European Commission have published a speech by Cecilia Malmström on ‘Anti-money laundering as part of the fight against organised crime’. During the speech Ms Malmström outlines a number of AML initiatives for the coming year. Of particular interest Ms Malmström said that the final decision had yet to be made on whether to propose a directive to ensure that deterrent sanctions apply when money laundering occurs (in addition and separate to MLD4). Such a directive would state minimum rules for member states concerning what types of acts should be considered criminal money laundering and what level of criminal sanctions should apply. Currently, legislation across member states varies widely in this area. The Commission has launched a study to find out more about the extent to which member states diverge in their approach to punishing money laundering.

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