EU Anti-Money Laundering Directives (4AMLD 2015 / 5AMLD 2018 / 6AMLD 2021)

Summary

The EU AML Directives require member states to establish AML frameworks including customer due diligence, beneficial ownership registers, and reporting of suspicious transactions. The 6th AMLD (2021) harmonises predicate offences for money laundering and extends criminal liability to legal persons. Significantly affects Tamil diaspora financial transfers and charitable donations to Sri Lanka.

Relevance to the diaspora

EU implementation of AMLD4/5/6 has caused EU-based banks to apply enhanced due diligence to Tamil diaspora accounts and remittances linked to Sri Lanka, de-risking behaviour that effectively denies banking services to some Tamil community organisations and individuals.

Key provisions

• AMLD4 Art. 13 — enhanced due diligence for high-risk countries
• AMLD5 Art. 1 — beneficial ownership registers
• AMLD6 Art. 2 — 22 predicate offences for money laundering including terrorism financing
• AMLD5 Art. 40 — record-keeping for five years

Primary source

Related entries

• → FATF Recommendations (Financial Action Task Force) (UN)
• → Proceeds of Crime Act 2002 (UK)
• → EU Council Common Position 2001/931/CFSP (EU Terrorist List) (EU)