BETA

6 Amendments of Nicolaus FEST related to 2021/0239(COD)

Amendment 143 #
Proposal for a regulation
Recital 14
(14) Directive (EU) 2015/849 set out to mitigate the money laundering and terrorist financing risks posed by large cash payments by including persons trading in goods among obliged entities when they make or receive payments in cash above EUR 10 000, whilst allowing Member States to introduce stricter measures. Such approach has shown to be ineffective in light of the poor understanding and application of AML/CFT requirements, lack of supervision and limited number of suspicious transactions reported to the FIU. In order to adequately mitigate risks deriving from the misuse of large cash sums, a Union-wide limit to large cash transactions above EUR 10 000 should be laid down. As a consequence, persons trading in goods should no longer be subject to AML/CFT obligations.deleted
2022/07/04
Committee: ECONLIBE
Amendment 236 #
Proposal for a regulation
Recital 93
(93) TAlthough the anonymity of crypto- assets may exposes them to a risks of misuse for criminal purposes. Anonymous crypto- asset wallets do not allow the traceability of crypto-asset transfers, whilst also making it difficult to identify linked transactions that may raise suspicion or to apply to adequate level of customer due diligence. In order to ensure effective application of AML/CFT requirements to crypto-assets, it is necessary to prohibit the provision and the custody of anonymous crypto-asset, there must be no further regulation or even banning of cryptocurrencies on the part of the European Union under the pretext of fighting crime. Digital innovations such as crypto-technology should be protected because they make it possible for people to diversify their portfolio and protect themselves from risks of ECB-induced euro inflation. By abandoning everyone’s freedom in order to achieve a supposed maximum level of security, the risk is that, ultimately, both freedom and security waillets by crypto- asset service providers be lost.
2022/07/04
Committee: ECONLIBE
Amendment 243 #
Proposal for a regulation
Recital 94
(94) The use of large cash payments is highly vulnerable toNo Union-wide limit on cash payments must be introduced on the pretext of combating money laundering and terrorist financing; this has not been, since that would mean casting suffspiciently mitigated by the requirement for traders in goods to be subject to anti- money laundering rules when making or ron on all citizens and risks gradually abolishing cash and may lead to new forms of cybercrime. Moreover, there are further dangers stemming from cash limits or indeed the prospecetiving cash payments of EUR 10 000 or more. At the same time, differences in approaches among Member States have undermined the level playing field within the internal market to the detriment of businese abolition of cash, i.e. blanket monitoring of citizens by the European Union in a data collecting frenzy, continuing enforcement of negative interest rates and thus the expropriation of savers to the delight of the banks, whoses located in Member States with stricter controls. It is therefore neiquidity problem, which is caused by very low minimum reserve ratios, would suddenly be solved, and bank runs would be impossible, sinces sary to introduce a Union-wide limit to large cash payments of EUR 10 000. Member States should be able to adopt lower thresholds and further stricter provisionsvers would simply no longer be able to withdraw anything from their accounts. Cash is coined liberty, but it risks being lost in an insidious fashion once cash limits are introduced.
2022/07/04
Committee: ECONLIBE
Amendment 249 #
Proposal for a regulation
Recital 95
(95) The Commission should assess the costs, benefits and impacts of lowering the limit to large cash payments at Union level with a view to levelling further the playing field for businesses and reducing opportunities for criminals to use cash for money laundering. This assessment should consider in particular the most appropriate level for a harmonised limit to cash payments at Union level considering the current existing limits to cash payments in place in a large number of Member States, the enforceability of such a limit at Union level and the effects of such a limit on the legal tender status of the euro.deleted
2022/07/04
Committee: ECONLIBE
Amendment 921 #
Proposal for a regulation
Article 59 – paragraph 1
(1) Persons trading in goods or providing services may accept or make a payment in cash only up to an amount of EUR 10 000 or equivalent amount in national or foreign currency, whether the transaction is carried out in a single operation or in several operations which appear to be linked.deleted
2022/07/05
Committee: ECONLIBE
Amendment 946 #
Proposal for a regulation
Article 63 – paragraph 1 – point b
(b) further lowering the limit for large cash payments.deleted
2022/07/05
Committee: ECONLIBE