BETA


Events

2024/04/22
   Indicative plenary sitting date
2024/02/14
   CSL - Coreper letter confirming interinstitutional agreement
2023/04/19
   EP - Committee decision to enter into interinstitutional negotiations confirmed by plenary (Rule 71)
2023/04/17
   EP - Committee decision to enter into interinstitutional negotiations announced in plenary (Rule 71)
2023/04/05
   EP - Committee report tabled for plenary, 1st reading
Details

The Committee on Economic and Monetary Affairs and the Committee on Civil Liberties, Justice and Home Affairs adopted a joint report by Eva Maria POPTCHEVA (Renew Europe, ES) and Emil RADEV (EPP, BG) on the proposal for a regulation of the European Parliament and of the Council establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism and amending Regulations (EU) No 1093/2010, (EU) 1094/2010, (EU) 1095/2010.

This proposal seeks to establish an EU authority for anti-money laundering and countering the financing of terrorism (AMLA). Its objective being to protect the public interest, the stability and the integrity of the Union’s financial system. It should identify and assess risks and threats of money laundering, especially of the broader and more complex schemes associated with criminal organisations, and terrorist financing across the internal market, as well as risks and threats originating from outside the Union that are impacting, or have the potential to impact the internal market.

The committee responsible recommended that the European Parliament's position adopted at first reading under the ordinary legislative procedure should amend the proposal as follows:

Tasks

The amended text enhances the tasks of AMLA. It should:

- monitor and respond to developments across the internal market and assess threats, vulnerabilities and risks in relation to money laundering/terrorist financing (ML/TF), including cross-border transactions;

- contribute to the drawing up of the lists of high risk third countries ;

- monitor and support the implementation of targeted financial sanctions, asset freezes and confiscations under the Union restrictive measures across the internal market, as well as publish information on asset freezes, seizures and confiscations;

- issue publications and provide training and other services to obliged entities and non-obliged entities in order to raise awareness of, and address, ML/TF risks and risks related to targeted financial sanctions;

- conduct peer reviews of the fulfilment, by the entities in charge of central beneficial ownership registers , of the requirements laid down in the proposal for 6th Anti-Money Laundering Directive).

The Authority should also be able to:

- carry out mediation upon the request of a financial supervisor;

- settle disagreements between financial supervisors;

- take supervisory decisions directly applicable to the obliged entities concerned in accordance with this Regulation

- receive data and analyses from competent authorities, third countries, international organisations and other reliable sources with a view to preparing new targeted financial sanctions ;

- receive information on any possible violations, circumvention and evasion of targeted financial sanctions.

- decide whether it is necessary to set up AML/CFT supervisory colleges with respect to non-financial sector obliged entities that operate under the freedom to provide services or of establishment in several Member States and that have a significant annual EU-wide turnover.

Stronger framework for the cooperation of the Financial Intelligent Units (FIUs)

Taking into account the cross-border nature of money laundering and terrorist financing, coordination and cooperation between FIUs are extremely important. To improve such coordination and cooperation, and, in particular, to ensure that subjects of the FIU´s interest in other Member States are identified, along with their proceeds, and funds, the Authority and FIUs should constitute the FIU Support and Coordination Mechanism. Its aim should be preventing, detecting and effectively combating money laundering and terrorism financing in the internal market, facilitating cooperation among FIUs, supporting and, in some cases, initiating joint analyses in order to bring together all relevant information, identifying trends and factors relevant in assessing the risks of money laundering and terrorist financing at national and Union level, as well as exchanging views on cooperation-related issues such as effective cooperation among FIUs and between FIUs and third-country financial intelligence units. To that end, Europol, Eurojust and EPPO should have liaison officers based in the Authority´s premises in order to ensure a smooth cooperation.

Documents
2023/03/28
   EP - Vote in committee, 1st reading
2023/03/28
   EP - Committee decision to open interinstitutional negotiations with report adopted in committee
2022/10/03
   EP - RADEV Emil (EPP) appointed as rapporteur in ['LIBE', 'ECON']
2022/10/03
   EP - POPTCHEVA Eva Maria (Renew) appointed as rapporteur in ['LIBE', 'ECON']
2022/07/05
   EP - Amendments tabled in committee
Documents
2022/06/29
   EP - Amendments tabled in committee
Documents
2022/06/03
   EP - Committee opinion
Documents
2022/05/17
   EP - Committee opinion
Documents
2022/05/17
   EP - Committee draft report
Documents
2022/02/16
   ECB - European Central Bank: opinion, guideline, report
2022/01/20
   EP - Referral to joint committee announced in Parliament
2022/01/03
   CZ_SENATE - Contribution
Documents
2021/12/20
   EP - HERBST Niclas (EPP) appointed as rapporteur in BUDG
2021/12/08
   ESC - Economic and Social Committee: opinion, report
Documents
2021/11/22
   ES_PARLIAMENT - Contribution
Documents
2021/11/08
   PT_PARLIAMENT - Contribution
Documents
2021/10/28
   EP - FERNANDES José Manuel (EPP) appointed as rapporteur in CONT
2021/10/27
   EP - SCHOLZ Helmut (GUE/NGL) appointed as rapporteur in AFCO
2021/10/04
   EP - Committee referral announced in Parliament, 1st reading
2021/09/22
   EDPS - Document attached to the procedure
Documents
2021/07/20
   EC - Legislative proposal published
Details

PURPOSE: to e stablish the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA).

PROPOSED ACT: Regulation of the European Parliament and of the Council.

ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.

BACKGROUND: all recent major money laundering cases reported in the EU had a cross-border dimension. The detection of these financial movements is however left to the national Financial Investigation Units (FIUs) and to cooperation among them. While this reflects the operational independence and autonomy of FIUs, the absence of a common structure to underpin this cooperation leads to situations where joint analyses are not performed for lack of common tools or resources.

Efforts should made at EU level through the creation of an Authority responsible for contributing to the implementation of harmonised rules. In addition, the Authority should pursue a harmonised approach to strengthen the Union’s existing AML/CFT preventive framework, and specifically AML supervision and cooperation between FIUs. That approach should reduce divergences in national legislation and supervisory practices.

The EU’s Security Union Strategy for 2020-2025 highlighted the importance of enhancing the EU’s framework for anti-money laundering and countering terrorist financing in order to protect Europeans from terrorism and organised crime.

Furthermore, on 20 July 2021, the European Commission presented an ambitious package of legislative proposals to strengthen the EU’s anti-money laundering and countering the financing of terrorism (AML/CFT) rules. It is part of the Commission’s commitment to protect EU citizens and the EU's financial system from money laundering and terrorist financing. The aim is to improve the detection of suspicious transactions and activities, and close loopholes used by criminals to launder illicit proceeds or finance terrorist activities through the financial system.

CONTENT: the proposed Regulation aims to establish a new decentralised EU Authority for anti-money laundering and counter the f inancing of terrorism (AMLA). Its objective is the prevention of money laundering and terrorism financing in the Union, by contributing to enhanced supervision and improved cooperation between FIUs and supervisory authorities.

The Authority will become a centrepiece of an integrated AML/CFT supervisory system, consisting of the Authority itself and the national authorities with an AML/CFT supervisory mandate.

In particular, AMLA will:

- establish a single integrated system of AML/CFT supervision across the EU, based on common supervisory methods and convergence of high supervisory standards;

- directly supervise some of the riskiest financial institutions that operate in a large number of Member States or require immediate action to address imminent risks;

- monitor and coordinate national supervisors responsible for other financial entities, as well as coordinate supervisors of non-financial entities;

- support cooperation among national Financial Intelligence Units and facilitate coordination and joint analyses between them, to better detect illicit financial flows of a cross-border nature.

It is proposed that the Authority be established at the beginning of 2023 and the activity of direct supervision commence at the beginning of 2026.

Documents

AmendmentsDossier
1182 2021/0240(COD)
2022/03/09 BUDG 49 amendments...
source: 729.817
2022/03/16 AFCO 148 amendments...
source: 703.031
2022/04/25 CONT 114 amendments...
source: 731.546
2022/06/29 ECON, LIBE 433 amendments...
source: 734.304
2022/07/05 ECON, LIBE 438 amendments...