[ParlTrack]

Ramona STRUGARIU, Michal ŠIMEČKA, Fabienne KELLER, Gilles BOYER, Maite PAGAZAURTUNDÚA, Paul TANG, Lucia ĎURIŠ NICHOLSONOVÁ

Proposal for a regulation
Recital 36 a (new)

(36a) The implementation of EU restrictive measures following the Russian war on Ukraine shows the complexity of identifying assets owned by oligarchs, who hide them across different jurisdictions through complex legal and financial structures. An inconsistent enforcement of restrictive measures undermines the Union's ability to speak with one voice It is therefore paramount that EU restrictive measures are fully implemented and the violation of those measures must not be allowed to pay off. It must be ensured that the assets of individuals and entities that violate the restrictive measures can be effectively confiscated in the future. AMLA can play an important role in this regard. The Authority should be responsible for a European Asset Registry. It will be tasked with creating and maintaining an interoperable interface, which acts as an access point. The Authority should also be able to define the standards for data format and accessibility regarding the list of assets as defined by [please insert reference – 6th Anti-Money Laundering Directive].The Authority should also cooperate with Asset Recovery Offices in Member States and contribute towards attaining the goals set in [please insert reference –Proposal for a Directive on asset recovery and confiscation, COM(2022) 245 final].

2022/07/05
Committee: ECON LIBE

Caterina CHINNICI, Paul TANG

Proposal for a regulation
Recital 58 a (new)

(58a) Regulation (EU) 2016/679 of the European Parliament and of the Council applies to the processing of personal data for the purposes of this Regulation. Regulation (EU) 2018/1725 of the European Parliament and of the Council applies to the processing of personal data by the Union institutions and bodies for the purposes of this Regulation.

2022/07/05
Committee: ECON LIBE

Pedro MARQUES, Aurore LALUCQ, Elisabetta GUALMINI, Margarida MARQUES, Paul TANG

Proposal for a regulation
Article 2 – paragraph 1 – point 5 – point a a (new)

(aa) a competent authority as defined in Article 3 (1) point (22) of Regulation [please insert reference to Regulation on Markets in Crypto-assets];

2022/07/05
Committee: ECON LIBE

Ernest URTASUN, Gwendoline DELBOS-CORFIELD, Paul TANG

Proposal for a regulation
Article 5 – paragraph 1 – point d a (new)

(da) establish a non-exhaustive public register of non-EU crypto-asset service providers that are not registered or licensed, based on information submitted by the competent authorities or third countries supervisors or on information in its possess and keep it up to date;

2022/07/05
Committee: ECON LIBE

Ramona STRUGARIU, Michal ŠIMEČKA, Fabienne KELLER, Gilles BOYER, Maite PAGAZAURTUNDÚA, Paul TANG, Lucia ĎURIŠ NICHOLSONOVÁ

Proposal for a regulation
Article 5 – paragraph 1 – point e a (new)

(ea) establish and maintain an interoperable interface to access the registers of certain movable and immovable assets defined by an implementing act as referred to in [please insert reference – 6th Anti-Money Laundering Directive], providing a minimum set of information, in a predefined format, including beneficial ownership information available at least to competent authorities;

2022/07/05
Committee: ECON LIBE

Pedro MARQUES, Aurore LALUCQ, Elisabetta GUALMINI, Eva KAILI, Paul TANG

Proposal for a regulation
Article 5 – paragraph 3 – point g b (new)

(gb) identify instances where the absence of effective and efficient supervisory practices and activities derives from inadequate or lack of transposition of EU law into national legislation, and duly report those situations to the Commission;

2022/07/05
Committee: ECON LIBE

Pedro MARQUES, Aurore LALUCQ, Elisabetta GUALMINI, Eva KAILI, Eero HEINÄLUOMA, Margarida MARQUES, Paul TANG

Proposal for a regulation
Article 5 – paragraph 3 – point g c (new)

(gc) establish and maintain an updated public register on shell banks and non- compliant crypto-asset service providers;

2022/07/05
Committee: ECON LIBE

Pedro MARQUES, Paul TANG

Proposal for a regulation
Article 5 – paragraph 3 – point g d (new)

(gd) establish and maintain an updated public register of credit and financial institutions under enhanced supervision.

2022/07/05
Committee: ECON LIBE

Pedro MARQUES, Aurore LALUCQ, Elisabetta GUALMINI, Eva KAILI, Paul TANG

Proposal for a regulation
Article 5 – paragraph 4 – point f a (new)

(fa) identify instances where the absence of effective and efficient supervisory practices and activities in the non-financial sector derives from inadequate or lack of transposition of EU law into national legislation, and duly report those instances to the Commission;

2022/07/05
Committee: ECON LIBE

Caterina CHINNICI, Paul TANG

Proposal for a regulation
Article 5 – paragraph 5 – point -a (new)

(-a) maintain an up-to-date list of FIUs within the Union;

2022/07/05
Committee: ECON LIBE

Caterina CHINNICI, Paul TANG

Proposal for a regulation
Article 5 – paragraph 5 – point -a a (new)

(-aa) monitor changes in FIUs’ legal status and framework, tasks, powers, organization, focusing on resources and powers for the performance of their tasks;

2022/07/05
Committee: ECON LIBE

Pedro MARQUES, Aurore LALUCQ, Elisabetta GUALMINI, Eva KAILI, Paul TANG, Jonás FERNÁNDEZ

Proposal for a regulation
Article 5 – paragraph 5 – point i a (new)

(ia) coordinate peer reviews of the fulfilment by FIUs of the requirements laid down in Chapter III of Directive [please insert reference – proposal for 6th Anti-Money Laundering Directive]

2022/07/05
Committee: ECON LIBE

Pedro MARQUES, Aurore LALUCQ, Elisabetta GUALMINI, Eva KAILI, Paul TANG

Proposal for a regulation
Article 5 – paragraph 5 – point i b (new)

(ib) identify instances where effective and efficient cooperation between FIUs is hampered by inadequate or lack of transposition of EU law into national legislation, and duly report those instances to the Commission;

2022/07/05
Committee: ECON LIBE

Ernest URTASUN, Gwendoline DELBOS-CORFIELD, Paul TANG

Proposal for a regulation
Article 6 – paragraph 4 a (new)

4a. The Authority may temporarily prohibit or restrict the provision of certain banking, investment or crypto-asset services or activities that may pose a threat to the Union’s financial system, or, if so required, in the case of an emergency situation in accordance with, and under the conditions laid down in, Article 30. The Authority shall review the decision referred to in the first subparagraph at appropriate intervals and at least every six months. Based on proper analysis which aims to assess the impact on the customer or consumer, the Authority may decide to lift the prohibition or restriction.

2022/07/05
Committee: ECON LIBE

Caterina CHINNICI, Paul TANG

1. The Authority shall establish and keep up to date a central database of information collected pursuant to paragraph 2. The Authority shall analyse the information received and ensure that it is made available to supervisory authorities on a need-to-know and confidential basis. The Authority may share the results of its analysis on its own initiative with supervisory authorities for the purposes of facilitating their supervisory activities. The data collected pursuant to paragraph 2 shall be treated in compliance with Regulation (EU) 2016/679 of the European Parliament and of the Council and Regulation (EU) 2018/1725 of the European Parliament and of the Council.

2022/07/05
Committee: ECON LIBE

Pedro MARQUES, Aurore LALUCQ, Elisabetta GUALMINI, Eva KAILI, Paul TANG

Proposal for a regulation
Article 11 – paragraph 2 – point c b (new)

(cb) information relating to measures taken by supervisors, in response to the following material weaknesses affecting one or more requirements of Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final] or Directive [please insert reference – proposal for 6th Anti- Money Laundering Directive]: (i) a breach or a potential breach by an obliged entity of such requirements, (ii) the inappropriate or ineffective application by an obliged entity of such requirements, or (iii) the inappropriate or ineffective application by an obliged entity of its internal policies and procedures to comply with such requirements.

2022/07/05
Committee: ECON LIBE

Caterina CHINNICI, Paul TANG

Proposal for a regulation
Article 11 – paragraph 2 a (new)

2a. The Authority shall establish time limits for the erasure of personal data or for a periodic review of the need for storage of personal data collected pursuant to paragraph 2. Procedural measures shall ensure that those time limits are observed.

2022/07/05
Committee: ECON LIBE

Ernest URTASUN, Gwendoline DELBOS-CORFIELD, Paul TANG

Proposal for a regulation
Article 11 a (new)

Article 11a Register of unregistered or unlicensed CASPs 1. AMLA shall set up and maintain a non-exhaustive public register of unregistered or unlicensed crypto- asset service providers operating outside the Union. The register shall be made available on the AMLA website in machine-readable format and shall be updated on a regular basis. 2. The register referred to in paragraph 1 shall contain at least the commercial name and/or the website, where applicable, of the unregistered or unlicensed crypto-asset service provider and the name of the competent authority which submitted the information; 3. In case competent authorities identify non-EU crypto-asset service providers that are unregistered or unlicensed, they shall transmit this information to AMLA without delay. 4. AMLA may update the register to include any unregistered or unlicensed crypto-asset service provider identified on its own initiative or any information of entities submitted by the relevant supervisory authorities in third countries.

2022/07/05
Committee: ECON LIBE

Pedro MARQUES, Aurore LALUCQ, Elisabetta GUALMINI, Eva KAILI, Eero HEINÄLUOMA, Margarida MARQUES, Paul TANG

Proposal for a regulation
Article 11 a (new)

Article 11a Public register on shell banks and non- compliant crypto-asset service providers 1. The Authority shall establish and maintain a public register of shell banks and non-compliant crypto-asset service providers operating within and outside the Union. 2. The list shall be indicative and non-exhaustive, based on information provided by national supervisors and other relevant authorities, the Commission and obliged entities. 3. The Authority shall review the public register referred to in paragraph 1, taking into account any changes in circumstances concerning the entities included in the list or any information brought to its attention.

2022/07/05
Committee: ECON LIBE

Pedro MARQUES, Paul TANG

Proposal for a regulation
Article 11 b (new)

Article 11b List of credit and financial institutions under enhanced supervision 1. AMLA shall establish and maintain an updated public list of credit and financial institutions under enhanced supervision in the EU. AMLA shall include in this list: (a) credit and financial institutions identified as having serious and structural weaknesses in the application of AML/CFT rules, following a notification from a financial supervisor under Article 31a (6) of Directive [please insert reference –proposal for 6th Anti-Money Laundering Directive - COM/2021/423final], and where those credit and financial institutions operate in at least two Member States, either via establishments or by means of direct provision of services or through any other natural person or legal person which act on their behalf (b) selected obliged entities, following supervisory activities carried out by AMLA and taking into account the rules and principles of risk-based supervision laid down in Article 31, in particular the benchmarks and a methodology for assessing and classifying the inherent and residual risk profile of obliged entities and the guidelines on the characteristics of a risk-based approach to supervision 2. In the case of selected obliged entities, AMLA shall inform them of their inclusion on the list referred to in paragraph 1 prior to the inclusion through a reasoned communication.

2022/07/05
Committee: ECON LIBE

Pedro MARQUES, Aurore LALUCQ, Elisabetta GUALMINI, Paul TANG, Jonás FERNÁNDEZ

Proposal for a regulation
Article 12 – paragraph 1 – introductory part

1. For the purposes of carrying out the tasks listed in Article 5(2), the Authority shall, in cooperation with supervisory authorities, carry out a periodic assessment of the ~~following~~ obliged entities listed in paragraph 3, based on criteria and following the process specified in paragraphs 2 to 6 of this Article and in Article 13:, where they operate in at least three Member States, including the Member State of establishment, where applicable, via establishments referred to in Article 2(8) of [proposal for 6th Anti-Money Laundering Directive - COM/2021/423 final] or by means of direct provision of services or through any other natural person or legal person which act on their behalf.

2022/07/05
Committee: ECON LIBE

Pedro MARQUES, Aurore LALUCQ, Elisabetta GUALMINI, Eva KAILI, Margarida MARQUES, Paul TANG, Jonás FERNÁNDEZ

Proposal for a regulation
Article 12 – paragraph 3 – point i a (new)

(ia) crypto-asset service providers;

2022/07/05
Committee: ECON LIBE

Pedro MARQUES, Aurore LALUCQ, Elisabetta GUALMINI, Eva KAILI, Eero HEINÄLUOMA, Paul TANG, Jonás FERNÁNDEZ

Proposal for a regulation
Article 12 – paragraph 4 – point a

(a) with respect to customer-related risk: the share of non-resident customers, the presence and share of customers identified as Politically Exposed persons (‘PEPs’), or resident in jurisdictions listed in the EU list of non-cooperative jurisdictions for tax purposes and jurisdictions identified and designated as referred to in Chapter III Section 2 of [please insert reference – proposal for Anti-Money Laundering Regulation], or high net worth individuals as referred to in Article 36a of Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final]; ;

2022/07/05
Committee: ECON LIBE

Pedro MARQUES, Aurore LALUCQ, Elisabetta GUALMINI, Eva KAILI, Margarida MARQUES, Paul TANG, Jonás FERNÁNDEZ

Proposal for a regulation
Article 12 – paragraph 4 – point b – point iii a (new)

(iiia) volume of products or transactions that favour anonymity, including anonymity-enhanced cryptocurrency (AEC) or privacy coins;

2022/07/05
Committee: ECON LIBE

Pedro MARQUES, Aurore LALUCQ, Elisabetta GUALMINI, Eva KAILI, Margarida MARQUES, Paul TANG, Jonás FERNÁNDEZ

Proposal for a regulation
Article 12 – paragraph 4 – point c – point i

(i) the annual volume of correspondent banking or crypto-asset services provided by Union financial sector entities in third countries;

2022/07/05
Committee: ECON LIBE

Pedro MARQUES, Aurore LALUCQ, Elisabetta GUALMINI, Eva KAILI, Eero HEINÄLUOMA, Margarida MARQUES, Paul TANG, Jonás FERNÁNDEZ

Proposal for a regulation
Article 12 – paragraph 4 – point c – point ii

(ii) the number and share of correspondent banking crypto-asset clients from third countries with structural weaknesses in their AML systems identified by global standard setting bodies or with little to no regulation regarding crypto-assets;

2022/07/05
Committee: ECON LIBE

Pedro MARQUES, Aurore LALUCQ, Elisabetta GUALMINI, Eva KAILI, Eero HEINÄLUOMA, Margarida MARQUES, Paul TANG, Jonás FERNÁNDEZ

Proposal for a regulation
Article 12 – paragraph 4 – point c – point ii a (new)

(iia) the number and share of correspondent banking or crypto-asset clients from third countries identified as having significant levels of corruption or other criminal activity or as being providers of financial secrecy by credible sources or acknowledged processes;

2022/07/05
Committee: ECON LIBE

Pedro MARQUES, Aurore LALUCQ, Elisabetta GUALMINI, Eva KAILI, Eero HEINÄLUOMA, Margarida MARQUES, Paul TANG, Jonás FERNÁNDEZ

Proposal for a regulation
Article 12 – paragraph 4 – point c – point iii

(iii) the volume of activity of ~~virtual~~crypto- assets service providers registered or licensed in third countries and operating as financial institutions in the Union.

2022/07/05
Committee: ECON LIBE

Pedro MARQUES, Aurore LALUCQ, Elisabetta GUALMINI, Eva KAILI, Eero HEINÄLUOMA, Margarida MARQUES, Paul TANG, Jonás FERNÁNDEZ

Proposal for a regulation
Article 12 – paragraph 5 – introductory part

5. The Authority shall develop draft regulatory technical standards setting out the methodology with the benchmarks referred to in paragraph 4 for classifying the inherent risk profile of any cross-border credit or financial institution or crypto- asset service provider in each Member State it operates in as low, medium, substantial or high.

2022/07/05
Committee: ECON LIBE

Pedro MARQUES, Aurore LALUCQ, Elisabetta GUALMINI, Margarida MARQUES, Paul TANG, Jonás FERNÁNDEZ

Proposal for a regulation
Article 13 – paragraph 1 c (new)

1c. The application of the criteria laid down in paragraph 1 shall be subject to a ceiling of 40 credit institutions or financial institutions or crypto-asset service providers. Where the application of the criteria laid down in paragraph 1 leads to a number of selected obliged entities which would exceed this ceiling, credit institutions or financial institutions or crypto-asset service providers with highest share of non-resident customers in Member States where risk is deemed high shall qualify as selected obliged entities.

2022/07/05
Committee: ECON LIBE

Pedro MARQUES, Aurore LALUCQ, Elisabetta GUALMINI, Eva KAILI, Eero HEINÄLUOMA, Paul TANG, Jonás FERNÁNDEZ

Article 29a Binding mediation in the event of disagreements 1. In the specified cases laid down in Directive [please insert reference to the 6th Anti-money Laundering Directive] and without prejudice to the powers laid down in section III, the Authority may assist the competent authorities in reaching an agreement in accordance with the procedure set out in paragraphs 2 to 4 of this Article in either of the following circumstances: (a) at the request of one or more of the competent authorities concerned where a competent authority disagrees with the procedure or content of an action, proposed action, or inactivity of another competent authority; (b) on its own initiative, where on the basis of objective reasons, disagreement can be determined between competent authorities. In cases where Union law requires a joint decision to be taken by competent authorities and where, in accordance with those acts, the Authority may assist, on its own initiative, in reaching an agreement in accordance with the procedure set out in paragraphs 2, 3 and 4 of this Article, the competent authorities concerned, a disagreement shall be presumed in the absence of a joint decision being taken by those authorities within the time limits set out in those acts. 2. The competent authorities concerned shall notify the Authority without undue delay that an agreement has not been reached in the following cases: (a) where a time limit for reaching an agreement between competent authorities has been provided for in Union law, and either of the following occurs: (i) the time limit has expired; or (ii) at least two competent authorities concerned conclude that a disagreement exists, on the basis of objective reasons; (b) where no time limit for reaching an agreement between competent authorities has been provided for in the legislative acts referred to in Article 1(2), and either of the following occurs: (i) at least two competent authorities concerned conclude that a disagreement exists on the basis of objective reasons; or (ii) two months have elapsed from the date of receipt by a competent authority of a request from another competent authority to take certain action in order to comply with those acts and the requested authority has not adopted a decision that satisfies the request. 3. The Executive Board shall assess whether the Authority should act in accordance with paragraph 1. Where the intervention is on the Authority’s own initiative, the Authority shall notify the competent authorities concerned of its decision regarding the intervention. Pending the Authority’s decision, in cases where Union law requires a joint decision to be taken, all competent authorities involved in the joint decision shall defer their individual decisions. Where the Authority decides to act, all the competent authorities involved in the joint decision shall defer their decisions until the procedure set out in paragraphs 4 and 5 is concluded. 4. The Authority shall set a time limit for conciliation between the competent authorities taking into account any relevant time periods specified in Union law and the complexity and urgency of the matter. At that stage the Authority shall act as a mediator. 5. Where the competent authorities concerned fail to reach an agreement within the conciliation phase referred to in paragraph 4, the Authority may take a decision requiring those authorities to take specification, or to refrain from certain action, in order to settle the matter, and to ensure compliance with Union law. The decision of the Authority shall be binding on the competent authorities concerned. The Authority’s decision may require competent authorities to revoke or amend a decision that they have adopted or to make use of the powers which they have under the relevant Union law. The Authority shall notify the competent authorities concerned of the conclusion of the procedures under paragraphs 4 and 5 together with, where applicable, its decision taken under paragraph 5. 6. Without prejudice to the powers of the Commission pursuant to Article 258 TFEU, where a competent authority does not comply with the decision of the Authority, and thereby fails to ensure that a financial institution or, in the context of matters relating to the prevention and countering of money laundering or of terrorist financing, a financial sector operator complies with requirements directly applicable to it by virtue of the relevant Union law, the Authority may adopt an individual decision addressed to that financial institution or financial sector operator requiring it to take necessary action to comply with its obligations under Union law, including the cessation of any practice. The Authority may also adopt a decision in accordance with the first subparagraph of this paragraph where the relevant requirements of the relevant Union law are not directly applicable to financial sector operators. To that effect, the Authority shall apply relevant Union law, and where such Union law is composed of Directives, national law to the extent that it transposes those Directives. Where the relevant Union law is composed of Regulations and where those Regulations explicitly grant options for Member States, the Authority shall apply also national law to the extent that such options have been exercised. 7. Decisions adopted under paragraph 6 shall prevail over any previous decision adopted by the competent authorities on the same matter. Any action by the competent authorities in relation to facts which are subject to a decision pursuant to paragraph 5 or 6 shall be compatible with those decisions. 8. The Chair of the Authority shall set out the nature and type of disagreements between competent authorities, the agreements reached and the decisions taken to settle such disagreements in the annual report of the Authority.

2022/06/29
Committee: ECON LIBE

Pedro MARQUES, Aurore LALUCQ, Elisabetta GUALMINI, Eva KAILI, Paul TANG, Jonás FERNÁNDEZ

Proposal for a regulation
Article 29 b (new)

Article 29b Requests to step-in by a financial supervisor 1. A financial supervisor may request the Authority to assume the direct supervision of non-selected obliged entities, including all relevant tasks and powers to that effect. 2. The financial supervisor's request shall: (a) identify the non-selected obliged entity which, in the view of the financial supervisor, should be under direct supervision of the Authority; (b) describe the reasoning for its request, including a justification to why the Authority’s direct supervision of the non-selected obliged entity is of added- value; (c) indicate a time limit, which shall not exceed three years, for the requested transfer of the relevant tasks and powers. 3. The financial supervisor’s request shall be accompanied by a report indicating the supervisory history and risk profile of the relevant non-selected obliged entity. 4. The Authority shall duly consider the request and consult with the financial supervisor concerned prior to the Executive Board’s final decision as to whether the transfer of competences is justified. 5. If the Authority disagrees with the financial supervisor’s request, it shall notify the latter about its decision, including a written justification that addresses the reasoning provided in accordance with paragraph 2, point (b). 6. If the Authority agrees with the financial supervisor’s request, it shall notify the latter about its decision, and the Commission about the transfer of relevant tasks and powers referred to in Article 5(2) and Article 6(1) related to direct supervision of the non-selected obliged entity from the financial supervisor concerned to the Authority. 7. The request from the Authority to the Commission pursuant to paragraph 5 shall: (a) identify the obliged entity which, in the view of the supervisory authority, should be under direct supervision of the Authority; (b) describe the reasoning of the supervisory authority’s initial request and the measures that the Authority intends to take in relation to the non-selected obliged entity upon the transfer of the relevant tasks and powers, (c) indicate a time limit, which shall not exceed three years, for the requested transfer of the relevant tasks and powers; 8. On the tenth working day after the Authority's notification to the Commission regarding the transfer of tasks and powers, the non-selected obliged entity referred to in paragraph 2, point (a) of this Article shall be deemed a selected obliged entity for the purposes of the exercise of the tasks referred to in Article 5(2) and the powers referred to in Article 6(1) and Articles 16 to 22. Upon the expiry of the time-limit, said tasks and powers which they shall be automatically transferred back to the financial supervisor concerned.

2022/06/29
Committee: ECON LIBE

Pedro MARQUES, Aurore LALUCQ, Elisabetta GUALMINI, Eva KAILI, Eero HEINÄLUOMA, Margarida MARQUES, Paul TANG

Proposal for a regulation
Article 30 a (new)

Article 30a Breach of Union Law 1. Where a supervisory authority has not applied measures laid down in Directive [please insert reference – proposal for 6th Anti-Money Laundering Directive - COM/2021/423 final] or the national legislation transposing that Directive, or has applied measures in a way which appears to be a breach of Union law, in particular by failing to ensure that an entity under its supervision satisfies the requirements laid down in Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final], the Authority shall act in accordance with the powers set out in paragraphs 2, 3, 4, 6 and 7 of this Article. 2. Upon request from one or more supervisory authorities, the European Parliament, the Council, the Commission, or on its own initiative, including when this is based on well-substantiated information from natural or legal persons, and after having informed the supervisory authority concerned, the Authority shall outline how it intends to proceed with the case and, where appropriate, investigate the alleged breach or non-application of Union law. The supervisory authority shall, without delay, provide the Authority with all information which the Authority considers necessary for its investigation including information on how the Union acts or in that legislation referred to in Article 1(2) are applied in accordance with Union law. Whenever requesting information from the supervisory authority concerned has proven, or is deemed to be, insufficient to obtain the information that is deemed necessary for the purposes of investigating an alleged breach or non- application of Union law, the Authority may, after having informed the supervisory authority, address a duly justified and reasoned request for information directly to other supervisory authorities. The addressee of such a request shall provide the Authority with clear, accurate and complete information without undue delay. 3. The Authority may, not later than six months from initiating its investigation, address a recommendation to the supervisory authority concerned setting out the action necessary to comply with Union law. Before issuing such a recommendation, the Authority shall engage with the supervisory authority concerned, where it considers such engagement appropriate in order to resolve a breach of Union law, in an attempt to reach agreement on the actions necessary for compliance with Union law. The supervisory authority shall, within ten working days of receipt of the recommendation, inform the Authority of the steps it has taken or intends to take to ensure compliance with Union law. 4. Where the supervisory authority has not complied with Union law within one month from receipt of the Authority’s recommendation, the Commission may, after having been informed by the Authority, or on its own initiative, issue a formal opinion requiring the supervisory authority to take the action necessary to comply with Union law. The Commission’s formal opinion shall take into account the Authority’s recommendation. The Commission shall issue such a formal opinion within three months after the adoption of the recommendation. The Commission may extend this period by one month. The Authority and the supervisory authority shall provide the Commission with all necessary information. 5. The supervisory authority shall, within ten working days of receipt of the formal opinion referred to in paragraph 5, inform the Commission and the Authority of the steps it has taken or intends to take to comply with that formal opinion. 6. Where a supervisory authority does not comply with the formal opinion within the period specified therein, to remedy such non-compliance in a timely manner, the Authority may adopt an individual decision addressed to a non- selected obliged entity requiring it to take all necessary action to comply with its obligations under Union law. To that effect, the Authority shall apply all relevant Union law, and, where that Union law is composed of Directives, national law to the extent that it transposes those Directives. Where the relevant Union law is composed of Regulations and where those Regulations explicitly grant options for Member States, the Authority shall apply also national law to the extent that such options have been exercised. The decision of the Authority shall be in conformity with the formal opinion issued by the Commission pursuant to paragraph 4. 7. Decisions adopted in accordance with paragraph 6 shall prevail over any previous decision adopted by the supervisory authority on the same matter. When taking action in relation to issues which are subject to a formal opinion pursuant to paragraph 5 or to a decision pursuant to paragraph 7, supervisory authorities shall comply with the formal opinion or the decision, as the case may be.

2022/06/29
Committee: ECON LIBE

Pedro MARQUES, Aurore LALUCQ, Elisabetta GUALMINI, Paul TANG

Proposal for a regulation
Article 31 – paragraph 2

2. ~~For the purposes of this Article, the Authority shall establish ad hoc peer review committees, which shall be composed of~~The peer reviews shall be carried out by the staff of~~rom~~ the Authority and members of the non-financial supervisors. The peer review committees shall be chaired by a member of the Authority’s staff. The Chair of the Authority shall, following a call for proposals, propose the chair and the members of a peer review committee which shall be approved by the Executive Boardin cooperation with the relevant staff of the non-financial supervisors.

2022/06/29
Committee: ECON LIBE

Pedro MARQUES, Aurore LALUCQ, Elisabetta GUALMINI, Eva KAILI, Eero HEINÄLUOMA, Margarida MARQUES, Paul TANG, Luis GARICANO, Ernest URTASUN

Proposal for a regulation
Article 31 a (new)

Article 31a Establishment of AML colleges in the non-financial sector 1. The Authority shall ensure that supervision measures laid down in Article 34 and 34a of Directive [please insert reference – proposal for 6th Anti-Money Laundering Directive - COM/2021/423final] also apply to non- financial supervisors in the supervision of groups of obliged entities other than credit or financial institutions. Member States shall also ensure that in cases where obliged entities other than credit and financial institutions are part of structures which share common ownership, management or compliance control, including networks or partnerships, cooperation and exchange of information between supervisors is facilitated. 2. Following the adoption of the technical regulatory standards referred to in Article 34a of Directive [please insert reference –proposal for 6th Anti-Money Laundering Directive - COM/2021/423 final], the Authority shall promote the establishment of AML supervisory colleges. Those colleges may be set up following the identification of groups of obliged entities other than credit or financial institutions which are part of structures which operate in at least two Member States and share common ownership, management, or compliance control, including networks or partnerships. 3. To that end, the Authority shall: (a) propose to establish colleges, to convene and organise the meetings of colleges where deemed appropriate; (b) assist in the organisation of college meetings, where requested by the relevant supervisory authorities; (c) assist in the organisation of joint supervisory plans and joint examinations; (d) encourage supervisory authorities to share all relevant information to facilitate the work of the college; (e) promote effective and efficient supervisory practices and activities, including evaluating the risks to which obliged entities are or might be exposed; (f) mediate and assist in resolving conflicts between participating supervisory authorities; (g) identify instances where the absence of effective and efficient supervisory practices and activities in the context of AML colleges derives from inadequate or lack of transposition of EU law into national legislation, and duly report those instances to the Commission. 5. Such colleges may be used for exchanging information, providing mutual assistance or coordinating the supervisory approach to the obliged entity, including, where relevant, the taking of appropriate and proportionate measures to address serious breaches of the requirements of Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final] that are detected in the jurisdiction of a supervisor participating in the college. 6. The AML colleges shall be composed of permanent members and, when unanimously agreed by them, observers. The Authority and supervisors of the non-financial sector, including the authorities overseeing self-regulatory bodies appointed by Member States in accordance with Article 36 of Directive [please insert reference – proposal for6th Anti-Money Laundering Directive - COM/2021/423 final] shall be permanent members. 7. For the purposes of paragraph 2, the staff of the Authority shall have full participation rights in all AML supervisory colleges of the non-financial sector.

2022/06/29
Committee: ECON LIBE

Pedro MARQUES, Aurore LALUCQ, Elisabetta GUALMINI, Eva KAILI, Paul TANG

Proposal for a regulation
Article 33 – paragraph 1 a (new)

1a. Where a FIU has not submitted a request for the setting up of a joint analysis team, the Authority may set up such a team on its own initiative where it identifies cases in which: (a) a FIU’s operational analyses require difficult and demanding analyses having links with other Member States, or cases in which a number of FIUs are conducting operational analyses in which the circumstances of the case necessitate coordinated, concerted action in the Member States involved; (b) it directly received information indicating a suspicion of money laundering or financing of terrorism that could affect the internal market or relate to cross-border activities.

2022/06/29
Committee: ECON LIBE

Pedro MARQUES, Aurore LALUCQ, Elisabetta GUALMINI, Eva KAILI, Eero HEINÄLUOMA, Paul TANG, Jonás FERNÁNDEZ

Proposal for a regulation
Article 36 a (new)

Article 36a Peer reviews of FIUs 1. The Authority shall periodically conduct peer reviews of the fulfilment by FIUs of requirements laid down in Chapter III of Directive [please insert reference – proposal for 6th Anti-Money Laundering Directive - COM/2021/423 final] 2. The Authority shall develop methods to allow for an objective assessment and comparison between the FIUs reviewed. 3. The peer reviews under this Article shall be carried out by the staff of the Authority in cooperation with the relevant staff of the FIUs. 4. The peer review shall include an assessment of, but shall not be limited to: (a) the adequacy of powers and financial, human and technical resources, the degree of independence, the governance arrangements and professional standards of FIUs to ensure the effective application of Chapter III of Directive [please insert reference – proposal for 6th Anti-Money Laundering Directive - COM/2021/423 final]; (b) the effectiveness and the degree to which FIUs have direct and timely access to information as required by Article 18 of Directive [please insert reference – proposal for 6th Anti-Money Laundering Directive - COM/2021/423 final]; (c) the degree and extent to which suspicious transaction reports by obliged entities are duly followed-up on and investigated; (d) the degree and extent to which FIUs exchange information, respond to requests and cooperate with other FIUs in a timely and efficient manner, including through joint analysis requests; (e) the degree and extent to which feedback provided by FIUs to obliged entities is meaningful and useful to help obliged entities report suspicious transactions and focus customer due diligence on a risk-sensitive basis (f) the application of best practices developed by FIUs whose adoption might be of benefit for other FIUs; 4. The Authority shall produce a report setting out the results of the peer review. That peer review report shall be prepared by the staff of the Authority, in cooperation with the relevant staff of the FIUs, and adopted by the Executive Board, which shall share it in a timely manner with the FIU under review. The report shall explain and indicate the follow-up measures that are deemed appropriate, proportionate and necessary as a result of the peer review. The FIUs shall make every effort to comply with any guidelines and recommendations issued, in accordance with Article 43. 5. The Authority shall publish a summary of the findings of the peer review on its website. 6. The Authority shall provide a follow-up report two years after the publication of the peer review report. The follow-up report shall be prepared by the staff of the Authority, in cooperation with the relevant staff of the FIUs, and adopted by the Executive Board, which shall share it in a timely manner with the FIU under review. The follow-up report shall include an assessment of the adequacy and effectiveness of the actions undertaken by the FIU that were subject to the peer review in response to the follow-up measures of the peer review report. The Authority shall share it in a timely manner with the FIU under review and then publish the findings of the follow-up report on its website. 7. For the purposes of this Article, the Executive Board shall adopt a peer review work plan every two years, which shall reflect the lessons learnt from the past peer review processes and discussions held in the General Board in FIU composition. The peer review work plan shall constitute a separate part of the annual and multiannual working programme and shall be included in the Single Programming Document. In case of urgency or unforeseen events, the Authority may decide to carry out additional peer reviews.

2022/06/29
Committee: ECON LIBE

Pedro MARQUES, Aurore LALUCQ, Elisabetta GUALMINI, Eva KAILI, Eero HEINÄLUOMA, Paul TANG, Jonás FERNÁNDEZ

Proposal for a regulation
Article 37 – paragraph 5 a (new)

5a. The Executive Board may suspend access to FIU.net for a specific FIU where the report of the peer review in accordance with Article 36a concludes that requirements relating to the independence, integrity, professionalism, confidentiality or security of the FIU, as set out in Article 17 of the [please insert reference – proposal for 6th Anti-Money Laundering Directive - COM/2021/423 final], have not been fulfilled.

2022/06/29
Committee: ECON LIBE

Ramona STRUGARIU, Michal ŠIMEČKA, Fabienne KELLER, Gilles BOYER, Maite PAGAZAURTUNDÚA, Paul TANG, Lucia ĎURIŠ NICHOLSONOVÁ

Proposal for a regulation
Article 37 a (new)

Article 37a Peer reviews 1. The Authority shall periodically conduct peer reviews of some or all of the activities of FIUs with regard to analysis and dissemination methods and procedures, with a view to ensuring that FIUs provide timely and adequate information to the competent authorities. To that end, the Authority shall develop methods to allow for an objective assessment and comparison between FIUs reviewed. 2. The peer reviews shall be carried out by the staff of the Authority in cooperation with the staff of FIUs. 3. The peer review may include an assessment of: (a) the adequacy of powers and resources for carrying out the analysis functions and dissemination duties; (b) the effectiveness and the degree of convergence reached in the application of Union law and in FIUs practice with regard to the analysis functions and dissemination, and the extent to which the FIUs practice achieves the objectives set out in Union law in that regard; (c) the effectiveness and the degree of convergence reached with regard to the methods and procedures in view of the value added to the information received and held by the FIU while conducting and disseminating operational and strategic analyses; (d) the effectiveness and the degree of cooperation and coordination with other FIUs; (e) the application of best practices developed by FIUs whose adoption might be of benefit for other FIUs. 4. The Authority shall produce a report setting out the results of the peer review. That peer review report shall be prepared by the staff of the Authority in cooperation with the staff of FIUs and adopted by the Executive Board, which shall share it in a timely manner with the FIU under review. The report shall explain and indicate the follow-up measures that are deemed appropriate, proportionate and necessary as a result of the peer review. Those follow-up measures may be adopted in the form of guidelines and recommendations pursuant to Article 43 and opinions pursuant to Article 44. The FIU shall make every effort to comply with any guidelines and recommendations issued, in accordance with Article 43. The Authority shall transmit such reports without delay, on a confidential basis, at least to the European Parliament. 5. The Authority shall publish the findings of the peer review on its website and submit an opinion to the Commission where, having regard to the outcome of the peer review or to any other information acquired by the Authority in carrying out its tasks, it considers that further harmonisation of Union rules applicable to obliged entities or the FIU would be necessary from the Union’s perspective. 6. The Authority shall provide a follow-up report two years after the publication of the peer review report. The follow-up report shall be prepared by the staff of the Authority in cooperation with the staff of FIUs and adopted by the Executive Board, which shall share it in a timely manner with the FIU under review. The follow-up report shall include an assessment of the adequacy and effectiveness of the actions undertaken by the FIUs that were subject to the peer review in response to the follow-up measures of the peer review report. The Authority shall publish the findings of the follow-up report on its website. 7. For the purposes of this Article, the Executive Board shall adopt a peer review work plan every two years, which shall reflect the lessons learnt from the past peer review processes and discussions held in the General Board in FIU composition. The peer review work plan shall constitute a separate part of the annual and multiannual working programme and shall be included in the Single Programming Document. In case of urgency or unforeseen events, the Authority may decide to carry out additional peer reviews.

2022/06/29
Committee: ECON LIBE

Caterina CHINNICI, Paul TANG

Proposal for a regulation
Article 53 – paragraph 4 – point m a (new)

(ma) appoint a Fundamental Rights Officer from the existing staff.

2022/06/29
Committee: ECON LIBE

Caterina CHINNICI, Paul TANG

Proposal for a regulation
Article 55 a (new)

Article 55a Fundamental Rights Officer 1. The Fundamental Rights Officer, appointed by the Executive Board, is a member of the existing staff of the Authority who received special training in fundamental rights law and practice. 2. The Fundamental Rights Officer shall perform the following tasks: (a) advise the Authority where she or he deems it necessary or where requested on any activity of the Authority without impeding or delaying those activities; (b) monitor Authority’s compliance with fundamental rights; (c) provide non-binding opinions on working arrangements; (d) inform the Executive Board about possible violations of fundamental rights in the course of the Authority’s activities; (e) promote the Authority's respect of fundamental rights in the performance of its tasks and activities; (f) any other tasks where provided for by this Regulation. 3. The Fundamental Rights Officer shall not receive any instructions regarding the exercise of her or his tasks. 4. The Fundamental Rights Officer shall report directly to the Executive Board and prepare annual reports on her or his activities, including the extent to which the activities of the Authority respect fundamental rights.

2022/06/29
Committee: ECON LIBE

Pedro MARQUES, Aurore LALUCQ, Elisabetta GUALMINI, Eva KAILI, Paul TANG, Jonás FERNÁNDEZ

Proposal for a regulation
Article 72 – paragraph 4 a (new)

4a. Upon request, the Chair shall hold confidential oral discussions behind closed doors with Members of the competent committee of the European Parliament where such discussions are required for the exercise of the European Parliament's powers under the TFEU. An agreement shall be concluded between the European Parliament and the Authority on the detailed modalities of organising such discussions, with a view to ensuring full confidentiality in accordance with the requirements of professional secrecy imposed by this Regulation.

2022/06/29
Committee: ECON LIBE

Pedro MARQUES, Aurore LALUCQ, Elisabetta GUALMINI, Eva KAILI, Paul TANG

Proposal for a regulation
Article 72 – paragraph 4 b (new)

4b. During any investigations by the European Parliament, including the set- up of special or inquiry committees, the Authority shall cooperate with the European Parliament. Within six months of the appointment of the Chair, the Authority and the European Parliament shall conclude appropriate arrangements on the practical modalities of the exercise of democratic accountability and oversight over the exercise of the tasks conferred on the Authority by this Regulation. Subject to the power of the European Parliament pursuant to Article 226 TFEU, those arrangements shall cover, inter alia, access to information, including rules on the handling and protection of classified or otherwise confidential information, cooperation in hearings, confidential oral discussions, reports, responding to questions, investigations and information on the selection procedure of the Chair and the Executive Director.

2022/06/29
Committee: ECON LIBE

Pedro MARQUES, Aurore LALUCQ, Elisabetta GUALMINI, Eva KAILI, Eero HEINÄLUOMA, Paul TANG, Jonás FERNÁNDEZ

Proposal for a regulation
Article 76 a (new)

Article 76a Protection of whistleblowers 1. The Authority shall put in place effective and reliable mechanisms to encourage the reporting of potential and actual breaches of this Regulation, Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420final] and Directive [please insert reference – proposal for 6th Anti-Money Laundering Directive -COM/2021/423 final].For that purpose, the Authority shall provide secure communication channels for the reporting referred to in the first subparagraph. Such channels shall ensure that the identity of persons providing information is known only to the Authority. The mechanisms referred to in the first subparagraph of this paragraph shall include at least: (a) specific procedures for the receipt of reports on breaches and their follow- up; (b) appropriate protection for employees or persons in a comparable position, of obliged entities who report breaches committed within the obliged entity; (c) appropriate protection for the accused person; (d) protection of personal data concerning both the person who reports the breaches and the natural person who is allegedly responsible for a breach, in compliance with the principles laid down in Regulation (EU)2016/679; (e) clear rules that ensure that confidentiality is guaranteed in all cases in relation to the person who reports the breaches committed within the obliged entity, unless disclosure is required by national law in the context of further investigations or subsequent judicial proceedings. 2. The Authority shall ensure that individuals, including employees and representatives of the obliged entity and financial supervisors, who report to the Authority actual or potential breaches of in accordance with the first subparagraph, are legally protected from being exposed to threats, retaliatory or hostile action, and in particular from adverse or discriminatory employment actions in accordance with Directive (EU) 2019/1937 of the European Parliament and of the Council. 3. The Authority shall ensure that individuals who are exposed to threats, hostile actions, or adverse or discriminatory employment actions for reporting to the Authority actual or potential breaches in accordance with this first subparagraph are entitled to present a complaint to the Authority in a safe manner. The Authority shall also ensure that such individuals have the right to an effective remedy to safeguard their rights under this paragraph. 4. Where the Authority deems that the submitted information contains evidence or significant indications of a material breach, it shall provide feedback to the reporting person.

2022/06/29
Committee: ECON LIBE

Ernest URTASUN, Gwendoline DELBOS-CORFIELD, Paul TANG

Proposal for a regulation
Article 81 a (new)

Article 81a Identification of high-risk third countries 1. The Authority shall assess the risks and threats stemming from third- countries, for the purpose of identifying third countries with strategic deficiencies or compliance weaknesses in their national AML/CFT regime and posing a threat to the Union’s financial system, in addition to the countries already identified under article 23 and 24 of [insert reference to AML Regulation]. 2. When conducting the assessment referred to in paragraph 1, the Authority shall take into account in particular the following criteria: (a) the legal and institutional AML/CFT framework of the third country, in particular: (i) the criminalisation of money laundering and its predicate offences and terrorist financing; (ii) measures relating to customer due diligence; (iii) requirements relating to record- keeping; (iv) requirements to report suspicious transactions; (v) requirements relating to the availability of accurate and timely information of the beneficial ownership of legal persons and arrangements held by a public authority or body functioning as a beneficial ownership register, or an alternative mechanism that is as efficient; (vi) requirements for competent authorities and judicial authorities to cooperate with competent authorities and judicial authorities of the Member States (vii) alignment with targeted financial sanctions and proliferation financing- related targeted financial sanctions; (viii) requirements to mitigate and manage the risks of non-implementation and evasion of targeted financial sanctions and proliferation financing- related targeted financial sanctions. (b) the powers and procedures of the third country’s competent authorities for the purposes of combating money laundering and terrorist financing including appropriately effective, proportionate and dissuasive sanctions, as well as the third country’s practice in cooperation and exchange of information with Member States’ competent authorities; (c) the effective use of their powers and accomplishment of their mandates by the third country’s competent authorities; (d) the effectiveness of the third country’s AML/CFT system in addressing money laundering or terrorist financing risks; (e) the quality and effectiveness of financial supervision; (f) the existence of a regulatory framework for crypto-assets service providers; (g) the extent to which that jurisdiction is identified by credible sources or acknowledged processes as favouring secrecy, such as offshore centres; (g) the extent to which that jurisdiction is characterised by high levels of official or institutional corruption;. (h) the recurrence of the involvement of the third country into money laundering and terrorist financing schemes . 3. The Authority shall regularly review its assessment. Third countries that have been identified as posing a threat to the European Union should be assessed on a more frequent basis. 4. To elaborate its list, the Authority shall enter into regular dialogue with third-country authorities. Before listing a third country as having strategic deficiencies or compliance weaknesses in its AML/CFT regime, the Authority shall provide the opportunity to third country authorities to address the deficiencies and weaknesses identified within a limited timeframe. The timeframe referred to in the previous sub-paragraph shall not exceed 6 months. 5. The Authority shall notify the outcome of its assessment to the Commission and simultaneously disclose it on its website, along with recommendations concerning enhanced due diligence measures listed in Article 28(4), points (a) to (g), that obliged entities should apply to mitigate risks related to business relationships or occasional transactions involving natural or legal persons from that third country, in addition to the specific countermeasures listed in Article 29 mitigating country-specific risks stemming from high-risk third countries. Following the Authority’s notification, the Commission shall adopt a delegated act in accordance with article 86 to establish a list of third countries with strategic deficiencies or with compliance weaknesses in their national AML/CFT posing a threat to the Union’s financial system. Where the Commission disagrees with the proposal from the Authority, it shall provide a reasoned justification, which shall be public. Where the Commission has specific knowledge of risks or threats coming from a third country, it may add this third country on the adequate list. 6. The Delegated Act referred to in the previous paragraph shall identify enhanced due diligence measures listed in Article 28(4), points (a) to (g) of Regulation [insert reference to AML Regulation], that obliged entities should apply to mitigate risks related to business relationships or occasional transactions involving natural or legal persons from that third country, in addition to the specific countermeasures listed in Article 29 [insert reference to AML Regulation] mitigating country-specific risks stemming from high-risk third countries. 7. Following a request from the European Parliament or the Council, the Authority shall analyse whether a third country poses a specific and serious threat to the financial system of the Union and the proper functioning of the internal market and submit a report to the requesting institution and the Commission within 30 days of receipt of the request stating the reasons for its opinion as to whether a delegated act should be adopted in accordance with paragraph 5, taking into account public revelations and relevant evaluations, assessments or reports drawn up by international organisations and standard setters with competence in the field of preventing money laundering and combating terrorist financing.

2022/06/29
Committee: ECON LIBE

Ernest URTASUN, Gwendoline DELBOS-CORFIELD, Paul TANG

Proposal for a regulation
Article 81 b (new)

Article 81b Identification of third country entities posing a threat to the Union's financial system 1. Following a request from the European Parliament, the Council, the Commission or a financial supervision or on its own-initiative, the Authority shall analyse whether a specific credit institution or financial institution or crypto-asset service provider not established in the Union poses a specific and serious threat to the financial system of the Union due to the high residual ML/FT risk of this entity and its relations with obliged entities . Where the analysis referred to in paragraph 1 is requested by the European Parliament, the Council, the Commission or by a financial supervisor, and the Authority concludes that a specific credit institution or financial institution or crypto-asset service provider not established in the Union does not pose a specific and serious threat to the financial system of the Union, it shall provide a reasoned justification to the requestor within 30 days. 2. In the analysis referred to in paragraph 1, the Authority shall take into account information submitted by the requestor, public revelations and relevant evaluations, assessments or reports drawn up by international organisations and standard setters with competence in the field of preventing money laundering and combating terrorist financing. 3. In order to identify the entities referred to in paragraph 1, the Authority shall take into account the following criteria : (a) significant strategic weaknesses or deficiencies in the AML/CFT systems and controls of the entity have been identified; or (b) significant strategic weaknesses or deficiencies in the effectiveness of the AML/CFT systems and controls in addressing money laundering or terrorist financing risks have been identified; (c) exceptionally large links with criminal activities, including darknet market places and services prohibited in the Union; (d) the significant strategic weaknesses or deficiencies identified under points (a) and (b) are of a persistent nature and no measures to mitigate them have been taken or are being taken. (e) whether the entity mainly provides products and services prohibited in the Union, such as anonymous accounts, privacy wallets and other anonymising services such as mixers or tumblers 4. Where possible and deemed appropriate, in order to obtain information to carry out its assessment, the Authority may seek to obtain information from a third country supervisor concerning the third country entity being analysed under the previous paragraph. 5. Based on the assessment run by the Authority as referred to in paragraph 1, the Commission shall adopt a Delegated Act in accordance with Article 86 identifying the third-country entities posing a threat to the Union's financial system and empowering financial supervisor and the Authority to take one or more of the following actions : (a) require obliged entities to apply enhanced due diligence measures listed in Article 28(4), points (a) to (g) of AML Regulation [insert reference] with respect to the business relationships or occasional transactions involving third country entities posing a threat to the Union's financial system; (b) require obliged entities to apply enhanced due diligence measures listed in Article 30 of AML Regulation [insert reference] with respect to the business relationships involving a third country entities posing a threat to the Union's financial system ; (c) recommend the adoption of the specific countermeasures listed in Articles 29 and 30 of AML Regulation [insert reference]

2022/06/29
Committee: ECON LIBE

Ernest URTASUN, Gwendoline DELBOS-CORFIELD, Paul TANG

Proposal for a regulation
Article 91 a (new)

Article 91a Amendment to MiCA Regulation Regulation [please insert reference – proposal for a Regulation on Markets in Crypto-assets, and amending Directive (EU)2019/1937-COM/2020/593 final] is amended as follows. After Article 89 please insert Article 89a (new) AMLA intervention powers 1. In accordance with Article 5 of Regulation [please insert reference – proposal for establishment of an Anti- Money Laundering Authority - COM/2021/421 final] AMLA may, where the conditions in paragraphs 2 and 3 are fulfilled, temporarily prohibit or restrict the provision of crypto-asset services in the Union. A prohibition or restriction may apply in circumstances, or be subject to exceptions, specified by AMLA. 2. AMLA shall take a decision under paragraph 1 only if all of the following conditions are fulfilled: (a) the proposed action addresses a significant investor protection concern or a threat to market integrity or the proper functioning of the internal market or to the stability of the whole or part of the financial system in the Union; (b) a competent authority or competent authorities have not taken action to address the threat or the actions that have been taken do not adequately address the threat. 3. When taking action under this Article, AMLA shall ensure that the action does not have a detrimental effect on the efficiency of financial markets or on investors that is disproportionate to the benefits of the action. 4. Before deciding to take any action under this Article, AMLA shall notify competent authorities of the action it proposes. 5. AMLA shall publish on its website notice of any decision to take any action under this Article. The notice shall specify details of the prohibition or restriction and specify a time after the publication of the notice from which the measures will take effect. A prohibition or restriction shall only apply to action taken after the measures take effect. 6. AMLA shall review a prohibition or restriction imposed under paragraph 1 at appropriate intervals, and at least every six months. Based on proper analysis in order to assess the impact on the consumer, AMLA may decide to lift the prohibition or restriction. 7. Action adopted by AMLA under this Article shall prevail over any previous action taken by a competent authority. 8. The Commission shall adopt delegated acts in accordance with Article 50 specifying criteria and factors to be taken into account by AMLA in determining when there is a significant investor protection concern or a threat to market integrity or the proper functioning of the internal market or to the stability of the whole or part of the financial system of the Union referred to in paragraph 2(a).

2022/06/29
Committee: ECON LIBE

Activities of Paul TANG related to 2021/0240(COD)

Shadow reports (1)

Amendments (47)

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