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Impact of the so-called 6th AML Directive (opinion)

The opinion below, aims to set up some key points of the so-called 6th AML Directive.

As noted, the EU text harmonises the list of predicated offences which are to be considered as sources of assets eligible for laundering under the AML rules.

With the harmonised list or predicated offences, member states must (at minimum) include in there legislation the noted crimes and link money laundering to the use of any profit of such actions.

This may impact co-authors when assisting willingly the commission of the crimes and:or the laundering of their proceeds.

The text, also defines liability for any type of person in regards to money laundering (this will impact liability for individuals, legal entities, legal arrangements and even official when acting in their capacity of representatives or key figures in a legal person or arrangement.)

It is to note that such harmonisation and responsibility now includes environmental crimes and cyber crimes committed at least in part in the EU or against a EU person.

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Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
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