Aim / Objective:
Fighting money laundering and terrorist financing contributes to global security, integrity of the financial system and sustainable growth. Laws to combat money laundering and the financing of terrorism are designed to prevent the financial market from being misused for these purposes. It is essential that gatekeepers (administrative service providers, accountants, lawyers, banks and other obliged entities) apply measures to prevent money laundering and terrorist financing. Traceability of financial information has an important deterrent effect.
The 5th EU AML Directive (adopted into Cyprus Law in 23rd February 2021), builds on the 4th EU AML Directive and aims to further combat financial crime by boosting existing transparency rules. The 5th EU AML Directive also aims to ensure a tightening of current European regulations to prevent money laundering and the financing of terrorist activity.
The 6th EU AML Directive (adopted into Cyprus Law on 17th March 2021), harmonizes the definitions of money laundering offences throughout member states, with the primary aim to remove any loopholes in national legislations, a list of 22 predicate offences is introduced, criminal liability is extended to legal persons, tougher punishments for offenders is established, and cooperation between states for prosecutions of financial crimes is enhanced.
By the end of the seminar, participants will be able to have a thorough understanding of the current AML Legislation, the challenges ahead and the new compliance landscape and more importantly to offer practical solutions for an efficient and effective implementation through a number of real-life AML cases studies, both from Cyprus and Global AML experience.