It means that where no law is, there is no transgression.
And if we are not under the law (Romans 6:14), are dead to the law (Romans 7:4, Galatians 2:19), and are delivered from the law (Romans 7:6), it is as though there is no law; the law does not apply.
Also, sin is not imputed where the law does not apply (Romans 5:13).
So, sin is not imputed to me because I am not under the law, am dead to the law, and am delivered from the law.
That means that from the perspective of God the Father, I do not sin.
He looks down on me from heaven and sees the blood and righteousness of His Son.
And God the Father is the God of truth.