12 Amendments of Fulvio MARTUSCIELLO related to 2021/0241(COD)
Amendment 85 #
Proposal for a regulation
Recital 5
Recital 5
(5) In order to facilitate their criminal activities, money launderers and financers of terrorism are likely to take advantage of the freedom of capital movements within the Union's integrated financial area unless certain coordinating measures are adopted at Union level. The cross-border nature, the immutability of data and the constant record of transactions on the blockchain make crypto-assets particularly suitable for traceability and law enforcement intervention when seeking illicit transactions. In order to effectively address the risks posed by the misuse of crypto-assets for money laundering and terrorist financing purposes, the Union should aim to use the advantages offered by blockchain technology to guarantee consumers protection whilst allowing licensed CASPs to operate without unnecessary administrative burdens. International cooperation within the framework of the Financial Action Task Force (FATF) and the global implementation of its recommendations aim to prevent money laundering and terrorist financing while transferring funds or crypto-assets .
Amendment 90 #
Proposal for a regulation
Recital 6
Recital 6
(6) By reason of the scale of the action to be undertaken, the Union should ensure that the International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation adopted by FATF on 16 February 2012 and then on 21 June 2019 (the ‘revised FATF Recommendations’), and, in particular, FATF Recommendation 15 on new technologies (FATF Recommendation 15), FATF Recommendation 16 on wire transfers (the ‘FATF Recommendation 16’) and the revised interpretative notes on those Recommendations , are applied uniformly throughout the Union and that, in particular, there is no discrimination or discrepancy between, on the one hand, national payments or transfers of crypto- assets within a Member State and, on the other, cross-border payments or transfers of crypto-assets between Member States. Uncoordinated action by Member States acting alone in the field of cross-border transfers of funds and crypto-assets could have a significant impact on the smooth functioning of payment systems and crypto-asset transfer services at Union level and could therefore damage the internal market in the field of financial servicnote for its implementation, are implemented uniformly throughout the Union. This process can be efficiently tackled by the single licence regime for crypto-operators under [please insert reference – proposal for a Regulation on Markets in Crypto- assets, and amending Directive (EU) 2019/1937- COM/2020/593 final] that will substitute single national AML registers. To this end, the definitions of crypto-asset service providers under AMLD need to be aligned with those in [please insert reference – proposal for a Regulation on Markets in Crypto-assets, and amending Directive (EU) 2019/1937- COM/2020/593 final] to ensure harmonisation and regulatory clarity between the two regimes.
Amendment 95 #
Proposal for a regulation
Recital 13
Recital 13
(13) In addition, the Commission Action Plan of 7 May 2020 for a comprehensive Union policy on preventing money laundering and terrorism financing41 identified six priority areas for urgent action to improve the Union’s anti-money laundering and countering financing of terrorism regime, including the establishment of a coherent regulatory framework for that regime in the Union to obtain more detailed and harmonised rules, notably to address the implications of technological innovation and developments in international standards and avoid diverging implementation of existing rules. Work at international level suggests a need to expand the scope of sectors or entities covered by the anti-money laThe EU regulatory framework should not imply that crypto-asset businesses inherently carry higher AML risks as some crypto-products have AML risk- management at their core. The underlying and countering financing of terrorism rules and to assess how they should apply to virtual assets service providers not covered so far. blockchain technology, itself, can be used to dramatically improve transparency of asset ownership and transfers. __________________ 41 Communication from the Commission on an Action Plan for a comprehensive Union policy on preventing money laundering and terrorist financing (C(2020) 2800 final).
Amendment 117 #
Proposal for a regulation
Recital 25 a (new)
Recital 25 a (new)
(25a) Crypto-assets exist in a borderless virtual reality and can be transferred to any crypto-asset service provider in any jurisdiction, or even without a jurisdictional registration. Many non Union jurisdictions have in place rules relating to data protection and enforcement that are of a different nature than those laid down in the Union. When transferring crypto-assets on behalf of a customer to a crypto-asset service provider that is not registered in the Union, the crypto-asset service provider of the originator should, in addition to the customer due diligence measures laid down in Article 13 of Directive (EU) 2015/849, and on a best effort basis, assess the ability of the crypto asset service provider of the beneficiary to receive and retain the information required under this Regulation and to protect the confidentiality of the originator's personal data. Where that information cannot be transmitted with the transfer, a record of the information on the originator and the beneficiary should nevertheless be retained and made available to competent authorities upon request.
Amendment 171 #
Proposal for a regulation
Article 2 – paragraph 5 a (new)
Article 2 – paragraph 5 a (new)
5a. While the transfer of funds from wallets hosted by centralised exchanges to wallets hosted by centralised exchanges is under full responsibility of the centralised crypto-asset service provider, the transfer of funds from unhosted wallets to wallets hosted by centralised exchanges, and vice versa, shall imply a limited liability of the receiving wallet.
Amendment 197 #
Proposal for a regulation
Article 6 – paragraph 2 – subparagraph 1 – introductory part
Article 6 – paragraph 2 – subparagraph 1 – introductory part
By way of derogation from Article 4(1), and, where applicable, without prejudice to the information required in accordance with Regulation (EU) No 260/2012, where the payment service provider of the payee is established outside the Union, transfers of funds not exceeding EUR 1000and, in the case of transfers of crypto-assets, in line with Financial Action Task Force (FATF) standards, transfers of funds not exceeding EUR 1000, calculated based on when the transfer of crypto-assets was sent, and that do not appear to be linked to other transfers of funds which, together with the transfer in question, exceed EUR 1000, shall be accompanied by at least:
Amendment 231 #
Proposal for a regulation
Article 14 – paragraph 3
Article 14 – paragraph 3
3. By way of derogation from paragraph 1, point (b), and paragraph 2, point (b), in the case of a transfer not made from or to an account, the crypto-asset service provider of the originator shall ensure that the transfer of crypto-assets can be individually identified and record the originator and beneficiary address identifiers on the distributed ledger. For this purpose, the application of innovative technological solutions shall be considered to facilitate this process.
Amendment 251 #
Proposal for a regulation
Article 14 – paragraph 7 a (new)
Article 14 – paragraph 7 a (new)
7a. While the transfer of funds from wallets hosted by centralised exchanges to wallets hosted by centralised exchanges is under full responsibility of the centralised crypto asset service provider, the transfer of funds from un-hosted wallets to wallets hosted by centralised exchanges, and vice versa, shall imply a limited liability of the receiving wallet.
Amendment 258 #
Proposal for a regulation
Article 15 – paragraph 2 – subparagraph 1 – introductory part
Article 15 – paragraph 2 – subparagraph 1 – introductory part
By way of derogation from Article 14(1), and in line with Financial Action Task Force (FATF) standards transfers of crypto-assets not exceeding EUR 1 000 that do not appear to be linked to other transfers of crypto-assets which, together with the transfer in question, exceed EUR 1 000, shall be accompanied by at least the following information:
Amendment 296 #
Proposal for a regulation
Article 17 – paragraph 2 a (new)
Article 17 – paragraph 2 a (new)
2a. While the transfer of funds between wallets hosted by centralised exchanges is under full responsibility of the centralised crypto asset service provider, the transfer of funds from un- hosted wallets to wallets hosted by centralised exchanges, and vice versa, shall imply a limited liability of the receiving wallet.
Amendment 331 #
Proposal for a regulation
Article 30 a (new)
Article 30 a (new)
Amendment 340 #
Proposal for a regulation
Article 32 – paragraph 1 a (new)
Article 32 – paragraph 1 a (new)
It shall apply from 12 months after [please insert reference to the date of application of proposal for a Regulation on Markets in Crypto-assets, and amending Directive (EU) 2019/1937- COM/2020/593 final].