The Presidency has confirmed to the Council the general approach to the Directive on countering money laundering by criminal law. It has also published the consolidated compromise text of the proposed Directive. The Presidency now asks the Council to reach a general approach, as the basis for discussions with the European Parliament.
The Directive sets out the minimum rules for the definition of criminal offences and sanctions for money laundering. It specifies a number of offences that Member States should ensure fall within its definition of “criminal activity” . These include involvement in terrorism, corruption, fraud and similar offences, as well as trafficking, extortion, forgery, insider dealing and market manipulation, and also tax crimes and cybercrime. The Directive requires that at least the conversion or transfer, concealment or disguise, or acquisition, possession and use of such funds should be criminal offences, as should inciting, aiding, abetting or attempting such an offence.