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From · opinion parliamentary committee · 2022-05-18 CONT-AD-719717 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

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To · opinion parliamentary committee · 2022-06-03 AFCO-AD-700579 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

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SHORT JUSTIFICATION

As the Court of Auditors have recently found, EU-level action in the fight against ML/TF has significant weaknesses. There is institutional fragmentation and poor co-ordination at EU level when it comes to actions to prevent ML/TF and take action where risk is identified. The EU bodies that the Court audited have limited tools at present to ensure sufficient application of AML/CFT frameworks at national level. There is no single EU supervisor for ML/TF and the EU’s powers in relation to ML/TF is split between several bodies and co-ordination with Member States is carried out separately.

Anti Money Laudering Authority (AMLA) is a key institutional element of the package of proposals on Anti-Money-Laundering and Countering Terrorist Financing. Although the AMLA should join the family of the European Supervisory Agencies, it has very distinct roles, tasks and powers given the nature of AML/CFT mission which puts it at the nexus of supervision, law-enforcement and administrative cooperation. Your rapporteur therefore believes that in order to respond most efficiently to this mission, it is essential to enhance both internal and external governance of the new Authority, including accountability and transparency arrangements.

Furthermore, the European Banking Authority (EBA) has recently highlighted that competent authorities’ approaches to identifying and tackling ML/TF risks differed significantly across them, and varied beyond what would have been expected under a risk-based approach. According to the EBA, there is a risk that relevant risk exposures in Member States may have not been detected. Additionally, EBA also found that not all of the competent authorities took advantage of the existing cooperation channels to exchange information and improve the understanding of the risks to which their sector was exposed.

Due to the nature of their responsibilities, the Chair, the Vice-Chair and Executive director should be subject to stricter accountability and integrity rules and responsibilities in which the European Parliament should play a major role.

Work in the CONT Committee has always focused on the consideration of fraud and irregularities in the implementation of the budget of the Union, measures aimed at preventing and prosecuting such cases, the strict protection of the Union’s financial interests and the relevant actions by the European Public Prosecutor in this field, and relations with the European Anti-Fraud Office (OLAF). Recent work of this Committee on the assessment of the impact of organised crime on own resources of the EU and on the misuse of EU funds with a particular focus on shared management from an auditing and control perspective has resulted in the identification of money laundering as a risk element, as well as a facilitator of organised crime. There is strong evidence that the fight against money laundering is crucial to prevent the misuse of funds by criminal organisations. In this sense, the recently launched Operation Sentinel will target fraud against COVID-19 EU recovery funds being offered under the framework of the NextGenerationEU initiative, and will target fraud, as well as tax evasion, excise fraud, corruption, embezzlement, misappropriation and money laundering.

In its supervisory function, the capacity of the AMLA to ensure compliance and harmonized approach can be usefully enhanced through increased transparency and reporting measures. In its investigative function, given its crucial coordination role, its leadership of joint analysis teams should be also bolstered.

That is why the establishment of the Authority for Anti-Money Laundering and Countering the Financing of Terrorism is welcomed, as it addresses some of the identified shortcomings. This opinion, based on the expertise of the CONT Committee in the area, focuses on several areas on which further options to deepen the effectiveness of the new Authority are possible.

The challenges related to AML/CFT mission require the Authority to avail itself of plurality of expertise. Is should therefore draw not only from the experience of the relevant EU institutions, agencies and bodies, but also from organisations outside of the EU institutional orbit. Therefore the governance mechanisms should provide for an active involvement of civil society and other organisations with relevant expertise on an ad-hoc basis as well as through establishment of a permanent advisory body drawn from the representatives of the civil society.

In this sense, this draft opinion focuses on suggestions to improve the transparency and governance of the Authority, including an enhanced role of Europol, OLAF and EPPO. It also includes suggestions to reinforce the role of financial intelligence units, including on the overall training and assistance provided by the Authority. Finally, there are also suggestions related to the role of ECA, as well as on the discharge procedure.

Finally, the proposal should guarantee that the AMLA is set up in a timely manner, in line with the principles of Joint Statement and Common Approach, and that its operation is regularly reviewed so that it has means commensurate with its missions and is able to adapt flexibly to future challenges.

AMENDMENTS

The Committee on ~~Budgetary~~Constitutional ~~Control~~Affairs calls on the Committee on Economic and Monetary Affairs and the Committee on Civil Liberties, Justice and Home Affairs, as the committees responsible, to take into account the following amendments:

Amendment 1

Proposal for a regulation

Recital 26

Text proposed by the Commission

Amendment

(2) Cross-border nature of crime and criminal proceeds endanger Union financial system efforts relating to prevention of money laundering and financing of terrorism. Those efforts have to be tackled at Union 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 and introduce structures that benefit the smooth functioning of the internal market in a determined manner and should, consequently, be based on Article 114 TFEU.

(6) Combining both direct and indirect supervisory competences over obliged entities, and also functioning as a support and cooperation mechanism for FIUs, is the most appropriate means of bringing about supervision and cooperation between FIUs at Union level. This should be achieved by creating an Authority which should combine independence and a high level of technical expertise and which should be established in line with the Joint Statement and Common Approach of the European Parliament, the Council of the European Union and the European Commission on decentralised agencies32 .

(2) Cross-border nature of crime, especially organised crime, and criminal proceeds endanger Union financial system efforts relating to prevention of money laundering and financing of terrorism and to countering organised crime. Those efforts have to be tackled at Union 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 and introduce structures that benefit the smooth functioning of the internal market in a determined manner and should, consequently, be based on Article 114 TFEU.

(6) Combining both direct and indirect supervisory competences over obliged entities, and also functioning as a support and cooperation mechanism for FIUs, is the most appropriate means of bringing about supervision and cooperation between FIUs and other EU institutions, offices, bodies and agencies involved in the AML/CFT framework at Union level. This should be achieved by creating an Authority which should combine independence and a high level of technical expertise and which should be established in line with the principles of the Joint Statement and Common Approach of the European Parliament, the Council of the European Union and the European Commission on decentralised agencies, including the decision on its seat32 . The Authority should be fully independent, should be accountable to the European Parliament and to the Council

__________________

32 https://europa.eu/european-union/sites/default/files/docs/body/joint_statement_and_common_approach_2012_en.pdf.

Amendment 2

Proposal for a regulation

~~Recital 4 a (new)~~

Recital 7

Text proposed by the Commission

Amendment

(4a) The Court of Auditors' Special Report No 13/2021 entitled 'EU efforts to fight money laundering in the banking sector are fragmented and implementation is insufficient' identified institutional fragmentation and poor co-ordination at Union level when it came to actions to prevent money laundering and highlighted that in practice AML/CFT supervision still takes place at national level with an insufficient Union oversight framework to ensure a level playing field. That Special Report also found evidence of lobbying of the European Banking Authority Board of Supervisors when that Board was part of a deliberative process.

(7) A seat agreement should be established between the Authority and the host Member State, stipulating the conditions of establishment of the seat and advantages conferred by the Member State on the Authority and its staff.

(7) The arrangements concerning the Authority’s seat should be laid down in a headquarters agreement between the Authority and the host Member State. That agreement should stipulate the conditions of establishment of the seat and the facilities to be provided by the Member State to the Authority and its staff. In line with the Point 9 of the Common approach, the Agency should conclude such agreement with the host Member State in a timely manner, before it begins its operational phase.

Amendment 3

Proposal for a regulation

Recital 68

Text proposed by the Commission

Amendment

(6) Combining both direct and indirect supervisory competences over obliged entities, and also functioning as a support and cooperation mechanism for FIUs, is the most appropriate means of bringing about supervision and cooperation between FIUs at Union level. This should be achieved by creating an Authority which should combine independence and a high level of technical expertise and which should be established in line with the Joint Statement and Common Approach of the European Parliament, the Council of the European Union and the European Commission on decentralised agencies32 .

(8) The powers of the Authority should allow it to improve AML/CFT supervision in the Union in various ways. With respect to selected obliged entities, the Authority should ensure group-wide compliance with the requirements laid down in the AML/CFT framework and any other legally binding Union acts that impose AML/CFT-related obligations on financial institutions. Furthermore, the Authority should carry out periodic reviews to ensure that all financial supervisors have adequate resources and powers necessary for the performance of their tasks. It should facilitate the functioning of the AML supervisory colleges and contribute to convergence of supervisory practices and promotion of high supervisory standards. With respect to non-financial supervisors, including self-regulatory bodies where appropriate, the Authority should coordinate peer reviews of supervisory standards and practices and request non-financial supervisors to investigate possible breaches of AML/CFT requirements. In addition, the Authority should coordinate the conduct of joint analyses by FIUs and make available to FIUs IT and artificial intelligence services and tools for secure information sharing, including through hosting of FIU.net.

(6) Combining both direct and indirect supervisory competences over obliged entities, and also functioning as a support and cooperation mechanism for FIUs, is the most appropriate means of bringing about supervision and cooperation between FIUs at Union level. This should be achieved by creating an Authority which should combine independence and a high level of technical expertise and which should be established and governed in accordance with the principles set out in the Joint Statement and Common Approach of the European Parliament, the Council of the European Union and the European Commission on decentralised agencies32 .

(8) The powers of the Authority should allow it to improve AML/CFT supervision in the Union in various ways. With respect to selected obliged entities, the Authority should ensure group-wide compliance with the requirements laid down in the AML/CFT framework and any other legally binding Union acts that impose AML/CFT-related obligations on financial institutions. Furthermore, the Authority should carry out periodic reviews to ensure that all financial supervisors have adequate resources and powers necessary for the performance of their tasks. It should facilitate the functioning of the AML supervisory colleges and contribute to convergence of supervisory practices and promotion of high supervisory standards. With respect to non-financial supervisors, including self-regulatory bodies where appropriate, the Authority should coordinate peer reviews of supervisory standards and practices and request non-financial supervisors to investigate possible breaches of AML/CFT requirements. In addition, taking account of the input of other EU institutions, offices, bodies and agencies involved in the AML/CFT framework, such as Europol, the Authority should coordinate the conduct of joint analyses by FIUs and make available to FIUs IT and artificial intelligence services and tools for secure information sharing, including through hosting of FIU.net.

~~__________________~~

~~32 https://europa.eu/european-union/sites/default/files/docs/body/joint_statement_and_common_approach_2012_en.pdf.~~

Amendment 4

(9) With the objective to strengthen AML/CFT rules at Union level and to enhance their clarity while ensuring consistency with international standards and other legislation, it is necessary to establish the coordinating role of the Authority at Union level in relation to all types of obliged entities to assist national supervisors and promote supervisory convergence, in order to increase the efficiency of the implementation of AML/CFT measures, also in the non-financial sector. Consequently, the Authority should be mandated to prepare regulatory technical standards, to adopt guidelines, recommendations and opinions with the aim that where supervision remains at national level, the same supervisory practices and standards apply in principle to all comparable entities. The Authority should be entrusted, due to its highly specialised expertise, with the development of a supervisory methodology, in line with a risk-based approach. Certain aspects of the methodology, which can incorporate harmonised quantitative benchmarks, such as approaches for classifying the inherent risk profile of obliged entities should be detailed in directly applicable binding regulatory measures – regulatory or implementing technical standards. Other aspects, which require wider supervisory discretion, such as approaches to assessing residual risk profile and internal controls in the obliged entities should be covered by non-binding guidelines, recommendations and opinions of the Authority. The harmonised supervisory methodology should take due account of, and where appropriate, leverage the existing supervisory methodologies relating to other aspects of supervision of the financial sector obliged entities, especially where there is interaction between AML/CFT supervision and prudential supervision. Specifically, the supervisory methodology to be developed by the Authority should be complementary to guidelines and other instruments developed by the European Banking Authority detailing approaches of prudential supervisory authorities with respect to factoring ML/TF risks in prudential supervision, in order to ensure effective interaction between prudential and AML/CFT supervision.

(9) With the objective to strengthen AML/CFT rules at Union level and to enhance their clarity while ensuring consistency with international standards and other legislation, it is necessary to establish the coordinating role of the Authority at Union level in relation to all types of obliged entities to assist national supervisors and promote supervisory convergence, in order to increase the efficiency of the implementation of AML/CFT measures, also in the non-financial sector. The ~~Authority will ensure the cohesion~~authority’s ~~and~~coordinating ~~coordination~~role ~~between~~is ~~the~~also ~~Union~~necessary ~~institutions,~~to ~~bodies,~~ensure ~~offices~~cohesion and ~~agencies~~avoid ~~that~~duplication ~~are~~of ~~part~~tasks ofwith ~~the~~other ~~AML/CFT~~EU ~~framework~~institutions, inoffices, ~~order~~bodies toand ~~enhance~~agencies ~~efficiency~~involved ~~and~~in ~~avoid~~the ~~overlaps.~~AML/CFT framework. Consequently, the Authority should be mandated to prepare regulatory technical standards, to adopt guidelines, recommendations and opinions with the aim that where supervision remains at national level, the same supervisory practices and standards apply in principle to all comparable entities. The Authority should be entrusted, due to its highly specialised expertise, with the development of a supervisory methodology, in line with a risk-based approach. Certain aspects of the methodology, which can incorporate harmonised quantitative benchmarks, such as approaches for classifying the inherent risk profile of obliged entities should be detailed in directly applicable binding regulatory measures – regulatory or implementing technical standards. Other aspects, which require wider supervisory discretion, such as approaches to assessing residual risk profile and internal controls in the obliged entities should be covered by non-binding guidelines, recommendations and opinions of the Authority. The harmonised supervisory methodology should take due account of, and where appropriate, leverage the existing supervisory methodologies relating to other aspects of supervision of the financial sector obliged entities, especially where there is interaction between AML/CFT supervision and prudential supervision. Specifically, the supervisory methodology to be developed by the Authority should be complementary to guidelines and other instruments developed by the European Banking Authority detailing approaches of prudential supervisory authorities with respect to factoring ML/TF risks in prudential supervision, in order to ensure effective interaction between prudential and AML/CFT supervision.

Amendment 5

Proposal for a regulation

~~Recital 12 a (new)~~

Recital 29

Text proposed by the Commission

Amendment

(12a) It is necessary to develop cooperation mechanisms, for example between financial supervisory authorities, and establish a clear demarcation of competences between home and host state authorities in the case of cross border operators availing themselves of the freedom of establishment and the freedom to provide services.

(29) The Authority should have the opportunity to request a transfer of supervisory tasks and powers relating to a specific obliged entity on its own initiative in case of inaction or failure to follow its instructions within the provided deadline. Since the transfer of tasks and powers over an obliged entity without the specific request of the financial supervisor to the Authority would require a discretionary decision on the part of the Authority, the Authority should address a specific request to that end to the Commission. In order for the Commission to be able to take a decision coherent with the framework of the tasks allocated to the Authority within the AML/CFT framework, the request of the Authority should enclose an appropriate justification, and should indicate a precise duration of the reallocation of tasks and powers towards the Authority. The timeframe for the reallocation of powers should correspond to the time the Authority requires to deal with the risks at entity level, and should not exceed three years. The Commission should adopt a decision transferring powers and tasks for supervising the entity to the Authority swiftly, and in any case within a month.

(29) The Authority should have the opportunity to exercise itself all powers relating to a specific obliged entity in case of inaction or failure to follow its instructions within the provided deadline. The Authority shall notify the Commission. The notification of the Authority should enclose an appropriate justification, and should indicate a precise duration of the exercise of tasks and powers through the Authority. The timeframe for the exercise of powers through the authority should correspond to the time the Authority requires to deal with the risks at entity level, and should not exceed three years.

Amendment 6

Proposal for a regulation

~~Recital 31 a (new)~~

Recital 32

Text proposed by the Commission

Amendment

(31a) The Authority should have an autonomous financial intelligence capability to decisively contribute to the fight against financial crime. National FIUs should cooperate extensively, sharing all relevant information for the purposes of preventing money laundering and its predicate offenses. A Union System of FIUs might be established as the Union FIU after one of the periodic evaluations and reviews carried out by the Commission of the Authority’s performance.

(32) In order to analyse suspicious activity affecting multiple jurisdictions, the relevant FIUs that received linked reports should be able to efficiently conduct joint analyses of cases of common interest. To this end, the Authority should be able to propose, coordinate and support with all appropriate means the joint analyses of cross-border suspicious transactions or activities. The joint analyses should be triggered where there is a need to conduct just such joint analyses pursuant to the relevant provisions in Union law. Upon the explicit consent of the FIUs participating in the joint analyses, the staff of the Authority supporting the conduct of joint analyses should be able to receive and process all necessary data and information, including the data and information pertaining to the analysed cases.

(32) In order to analyse suspicious activity affecting multiple jurisdictions, the relevant FIUs that received linked reports should be able to efficiently conduct joint analyses of cases of common interest. To this end, the Authority should be able to propose, coordinate and support with all appropriate means the joint analyses of cross-border suspicious transactions or activities. The joint analyses should be triggered where there is a need to conduct just such joint analyses pursuant to the relevant provisions in Union law. It should also be empowered to settle potential disagreements between the participating FIUs., the staff of the Authority coordinating the conduct of joint analyses should be able to receive and process all necessary data and information, including the data and information pertaining to the analysed cases. In order to collect all relevant information in an early stage of the joint analysis and to understand the underlying criminal context, the involvement of Europol in the joint analysis may also be solicited on case-by-case basis.

Amendment 7

Proposal for a regulation

Recital 3233

Text proposed by the Commission

Amendment

(33) In order to improve the effectiveness of the joint analyses, the Authority should be able to initiate reviews of methods, procedures and conduct of the joint analyses, with the aim of determining the lessons learnt and of improving and promoting these analyses. The feedback on the joint analysis should enable the authority to issue conclusions and recommendations which would ultimately lead to the regular refinement and improvement of the methods and procedures for the conduct of joint analyses.

(33) In order to improve the effectiveness of the joint analyses, the Authority should be able to develop methods and procedures for the conduct of joint analyses . It should also review these methods and procedures with the aim of determining the lessons learnt and of improving and promoting these analyses. The feedback on the joint analysis should enable the authority to issue conclusions and recommendations which would ultimately lead to the regular refinement and improvement of the methods and procedures for the conduct of joint analyses.

Amendment 8

Proposal for a regulation

~~Recital 32 a (new)~~

Recital 34

Text proposed by the Commission

Amendment

(32a) A prudent approach is needed with regard to the FIU's operational powers to suspend transactions and bank and payment accounts; to this end, effective mechanisms should be put in place to uphold fundamental rights, including the right to property, and prevent any abuse of power.

(34) In order to facilitate and improve cooperation between FIUs and the Authority, including for the purposes conducting joint analyses, the FIUs should be able to delegate one staff member per FIU to the Authority on a voluntary basis. The national FIU delegates should support the Authority’s staff in carrying out all the tasks relating to FIUs, including the conduct of joint analyses and the preparation of threat assessments and strategic analyses of money laundering and terrorist financing threats, risks and methods. Apart from the joint analyses, the Authority should encourage and facilitate various forms of mutual assistance between FIUs, including training and staff exchanges in order to improve capacity building and enable the exchange of knowledge and good practices amongst FIUs.

(34) In order to facilitate and improve cooperation between FIUs and the Authority, including for the purposes conducting joint analyses, the FIUs should be able to delegate one staff member per FIU to the Authority . The national FIU delegates should support the Authority’s staff in carrying out all the tasks relating to FIUs, including the conduct of joint analyses and the preparation of threat assessments and strategic analyses of money laundering and terrorist financing threats, risks and methods. Apart from the joint analyses, the Authority should encourage and facilitate various forms of mutual assistance between FIUs, including training and staff exchanges in order to improve capacity building and enable the exchange of knowledge and good practices amongst FIUs.

Amendment 9

Proposal for a regulation

Recital 34 a (new)

Text proposed by the Commission

Amendment

(34a) In order to ensure a close cooperation with Union law enforcement and to avoid duplication of efforts between the Authority and Europol, the working arrangement between both organisations should ensure the possibility for each of them of having a liaison officer stationed at the premises of the other entity.

(34) In order to facilitate and improve cooperation between FIUs and the Authority, including for the purposes conducting joint analyses, the FIUs should delegate one staff member per FIU to the Authority. The national FIU delegates should support the Authority’s staff in carrying out all the tasks relating to FIUs, including the conduct of joint analyses and the preparation of threat assessments and strategic analyses of money laundering and terrorist financing threats, risks and methods. Apart from the joint analyses, the Authority should encourage and facilitate various forms of mutual assistance between FIUs, including training and staff exchanges in order to improve capacity building and enable the exchange of knowledge and good practices amongst FIUs.

Amendment 10

Proposal for a regulation

Recital 3536

Text proposed by the Commission

Amendment

(35) The Authority should manage, host, and maintain FIU.net, the dedicated IT system allowing FIUs to cooperate and exchange information amongst each other and, where appropriate, with their counterparts from third countries and third parties. The Authority should, in cooperation with Member States, keep the system up-to-date. To this end, the Authority should ensure that at all times the most advanced available state-of-the-art technology is used for the development of the FIU.net, subject to a cost-benefit analysis.

(36) In order to establish consistent, efficient and effective supervisory and FIU-related practices and ensure common, uniform and coherent application of Union law, the Authority should be able to issue guidelines and recommendations addressed to all or category of obliged entities and all or a category of supervisory authorities and FIUs. The guidelines and recommendations could be issued pursuant to a specific empowerment in the applicable Union acts, or on the own initiative of the Authority, where there is a need to strengthen the AML/CFT framework at Union level.

Amendment 11

Proposal for a regulation

Recital 4237

Text proposed by the Commission

Amendment

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Amendment 12

Proposal for a regulation

Recital 4440

Text proposed by the Commission

Amendment

(44) To ensure the independent functioning of the Authority the five Members of the Executive Board and the Chair of the Authority should act independently and in the interest of the Union as a whole. They should behave, both during and after their term of office, with integrity and discretion as regards the acceptance of certain appointments or benefits. To avoid giving any impression that a Member of the Executive Board might use its position as a Member of the Executive Board of the Authority to get a high-ranking appointment in the private sector after his term of office and to prevent any post-public employment conflicts of interests, a cooling-off period for the five Members of the Executive Board, including the Chair of the Authority, should be introduced.

(40) For the purposes of voting and taking decisions, each Member State should have one voting representative. Therefore, the heads of public authorities should appoint a permanent representative as the voting member of the General Board in supervisory composition. Alternatively, depending on the subject-matter of the decision or agenda of a given General board meeting, public authorities of a Member State may decide on an ad-hoc representative. The practical arrangements related to decision-making and voting by the General Board members in supervisory composition should be laid down in the Rules of Procedure of the General Board, to be developed by the Authority.

(44) To ensure the independent functioning of the Authority the five Members of the Executive Board and the Chair of the Authority should act independently and in the interest of the Union as a whole. They should behave, both during and after their term of office, with integrity and discretion as regards the acceptance of certain appointments or benefits. In order to avoid Members of the Executive Board potentially using their position as Members of the Executive Board of the Authority to get high-ranking appointments in the private sector after their term of office and to prevent any post-public employment conflicts of interests, a cooling-off period for the five Members of the Executive Board, including the Chair of the Authority, should be introduced. During the cooling-off period the persons concerned should be prohibited from acquiring any role in an obliged entity that may give rise to conflicts of interest or to situations which may objectively be perceived as a conflict of interest.

(40) For the purposes of voting and taking decisions, each Member State should have one voting representative. Therefore, the heads of public authorities should appoint a permanent representative as the voting member of the General Board in supervisory composition. Alternatively, depending on the subject-matter of the decision or agenda of a given General board meeting, public authorities of a Member State may decide on an ad-hoc representative. In their appointments to the General Board, the public authorities of Member States should ensure gender balance, in particular with regard to the composition of the Board as a body. The practical arrangements related to decision-making and voting by the General Board members in supervisory composition should be laid down in the Rules of Procedure of the General Board, to be developed by the Authority.

Amendment 13

Proposal for a regulation

~~Recital 46 a (new)~~

Recital 41

Text proposed by the Commission

Amendment

~~(46a) All recruitments should be based on competency, while assuring gender balance and respecting the need for geographical balance of all Member States at all levels of staff.~~

(41) The Chair of the Authority should chair the General Board meetings and have a right to vote when decisions are taken by simple majority. The Commission should be a non-voting member on the General Board. To establish good cooperation with other relevant institutions, the General Board should also be able to admit other non-voting observers, such as a representative of the Single Supervisory Mechanism and of each of the three European Supervisory Authorities (EBA, EIOPA and ESMA) for the General Board in its Supervisory Composition and Europol, the EPPO and Eurojust for the General Board in its FIU composition, where matters that fall under their respective mandates are discussed or decided upon. To allow a smooth decision making process, decisions of the General Board should be taken by a simple majority, except for decisions concerning draft regulatory and implementing technical standards, guidelines and recommendations which should be taken by a qualified majority of Member State representatives in accordance with voting rules of the TFEU.

(41) The Chair of the Authority should chair the General Board meetings and have a right to vote when decisions are taken by simple majority. The Commission should be a non-voting member on the General Board. A representative of the Civil Society Advisory Body should be entitled to participate as non-voting member. Due to the complementary nature of their mandates, a representative of Europol should also be granted the status of non-voting member for the General Board in its FIU composition. To establish good cooperation with other relevant institutions, the General Board should also be able to admit other non-voting observers, such as a representative of the Single Supervisory Mechanism and of each of the three European Supervisory Authorities (EBA, EIOPA and ESMA) for the General Board in its Supervisory Composition and the EPPO and Eurojust for the General Board in its FIU composition, where matters that fall under their respective mandates are discussed or decided upon. In order to ensure that the General Board avails itself of plurality of expertise when taking its decisions, in both supervisory and FIU composition, other organisations dealing with AML/CTF should be invited in consultative capacity at its meetings. To allow a smooth decision making process, decisions of the General Board should be taken by a simple majority, except for decisions concerning draft regulatory and implementing technical standards, guidelines and recommendations which should be taken by a qualified majority of Member State representatives in accordance with voting rules of the TFEU. Upon reasoned recommendation of the Executive Board, justified by the need preserve confidentiality of the proceedings, the General Board should in exceptional cases be able to decide to meet in a composition without observers.

Amendment 14

Proposal for a regulation

Recital 4842

Text proposed by the Commission

Amendment

(48) To guarantee the proper functioning of the Authority, funding should be provided by a combination of fees levied on certain obliged entities and a contribution from the Union budget, depending on the tasks and functions. The budget of the Authority should be part of the Union budget, confirmed by the Budgetary Authority on the basis of a proposal from the Commission. The Authority should submit to the Commission a draft budget and an internal financial regulation for approval.

(42) The governing body of the Authority should be the Executive Board composed of the Chair of the Authority and of five full time members, appointed by the General Board based on the shortlist by the Commission. With the aim of ensuring a speedy and efficient decision making process, the Executive Board should be in charge of planning and execution of all the tasks of the Authority except where specific decisions are explicitly allocated to the General Board. In order to ensure objectivity and appropriate rapidity of the decision-making process in the area of direct supervision of the selected obliged entities, the Executive Board should take all binding decisions addressed to selected obliged entities. In addition, together with a representative of the Commission the Executive Board should be collectively responsible for the administrative and budgetary decisions of the Authority. The consent of the Commission should be required when the Executive Board is taking decisions related to the budget administration, procurement, recruitment, and audit of the Authority, given that a portion of funding of the Authority will be provided from Union budget.

(48) To guarantee the proper functioning of the Authority and to allow it to carry out all the tasks assigned to it under this Regulation, the Authority should be provided with adequate staffing and adequate financial resources; funding should be provided by a combination of fees levied on certain obliged entities and a contribution from the Union budget, depending on the tasks and functions. The budget of the Authority should be part of the Union budget, confirmed by the Budgetary Authority on the basis of a proposal from the Commission. The Authority should submit to the Commission a draft budget and an internal financial regulation for approval.

(42) The governing body of the Authority should be the Executive Board composed of seven members including the Chair and the Vice-Chair of the Authority . Its five full time additional members should be appointed by the General Board based on the gender-balanced shortlist by the Commission, after having received the approval of the European Parliament. With the aim of ensuring a speedy and efficient decision making process, the Executive Board should be in charge of planning and execution of all the tasks of the Authority except where specific decisions are explicitly allocated to the General Board. In order to ensure objectivity and appropriate rapidity of the decision-making process in the area of direct supervision of the selected obliged entities, the Executive Board should take all binding decisions addressed to selected obliged entities. In addition, together with a representative of the Commission the Executive Board should be collectively responsible for the administrative and budgetary decisions of the Authority. The consent of the Commission should be required when the Executive Board is taking decisions related to the budget administration, procurement, recruitment, and audit of the Authority, given that a portion of funding of the Authority will be provided from Union budget.

Amendment 15

Proposal for a regulation

Recital 5043

Text proposed by the Commission

Amendment

(50) The rules on establishment and implementation of the budget of the Authority, as well as the presentation of annual accounts of the Authority, should follow the provisions of Commission Delegated Regulation (EU) 2019/71536 as regards cooperation with the European Public Prosecutor’s Office and the effectiveness of the European Anti-Fraud Office investigations.

(43) To allow for swift decisions, all decisions of the Executive Board, including the decision where the Commission has a right to vote, should be taken by simple majority, with the Chair holding a casting vote in case of a tied vote. To ensure sound financial management of the Authority, the Commission’s consent should be required for decisions related to budget, administration and recruitment. The voting members of the Executive Board other than the Chair should be selected by the General Board, based on a short-list established by the Commission.

(50) The rules on establishment and implementation of the budget of the Authority, as well as the presentation of annual accounts of the Authority, should follow the provisions of Commission Delegated Regulation (EU) 2019/71536 including as regards cooperation with the European Public Prosecutor’s Office and the effectiveness of the European Anti-Fraud Office investigations.

(43) To allow for swift decisions, all decisions of the Executive Board, including the decision where the Commission has a right to vote, should be taken by simple majority, with the Chair holding a casting vote in case of a tied vote. To ensure sound financial management of the Authority, the Commission’s consent should be required for decisions related to budget, administration and recruitment. The voting members of the Executive Board other than the Chair or the Vice-Chair should be selected by the General Board, based on a short-list established by the Commission, after having received approval of the European Parliament. Should the Parliament consider that the selected candidates do not meet the relevant qualification criteria, the selection procedure should recommence.

~~__________________~~

36 Commission Delegated Regulation (EU) 2019/715 of 18 December 2018 on the framework financial regulation for the bodies set up under the TFEU and Euratom Treaty and referred to in Article 70 of Regulation (EU, Euratom) 2018/1046 of the European Parliament and of the Council (OJ L 122, 10.5.2019, p. 1).

~~Justification~~

~~Cooperation with the EPPO and OLAF are two of many provisions in the Delegated Financial Regulation, which applies in full.~~

Amendment 16

Proposal for a regulation

Recital 5844

Text proposed by the Commission

Amendment

(58) Without prejudice to the obligations of the Member States and their authorities, the processing of personal data on the basis of this Regulation for the purposes of the prevention of money laundering and terrorist financing should be considered necessary for the performance of a task carried out in the public interest or in the exercise of official authority vested in the Authority under Article 5 of Regulation (EU) 2018/1725 of the European Parliament and of the Council41 and Article 6 of Regulation 2016/679of the European Parliament and of the Council42 . When developing any instruments or taking any decisions that may have a significant impact on the protection of personal data, the Authority should closely cooperate, where relevant, with the European Data Protection Board established by Regulation (EU) 2016/679 and with the European Data Protection Supervisor established by Regulation (EU) 2018/1725 to avoid duplication.

(58) Without prejudice to the obligations of the Member States and their authorities, the processing of personal data on the basis of this Regulation for the purposes of the prevention of money laundering and terrorist financing should be considered necessary for the performance of a task carried out in the public interest or in the exercise of official authority vested in the Authority under Article 5 of Regulation (EU) 2018/1725 of the European Parliament and of the Council41 and Article 6 of Regulation 2016/679of the European Parliament and of the Council42 . When developing any instruments or taking any decisions that may have a significant impact on the protection of personal data, the Authority should consult with the European Data Protection Board established by Regulation (EU) 2016/679 and with the European Data Protection Supervisor established by Regulation (EU) 2018/1725 to avoid duplication.

(44) To ensure the independent functioning of the Authority all Members of the Executive Board including the Chair and the Vice-Chair of the Authority should act independently and in the interest of the Union as a whole. They should behave, both during and after their term of office, with integrity and discretion as regards the acceptance of certain appointments or benefits. To avoid giving any impression that a Member of the Executive Board might use its position as a Member of the Executive Board of the Authority to get a high-ranking appointment in the private sector after his term of office and to prevent any post-public employment conflicts of interests, a cooling-off period for the five Members of the Executive Board, including the Chair and Vice-Chair of the Authority, should be introduced.

~~_________________~~

41 Regulation (EU) 2018/1725 of the European Parliament and of the Council of 23 October 2018 on the protection of natural persons with regard to the processing of personal data by the Union institutions, bodies, offices and agencies and on the free movement of such data, and repealing Regulation (EC) No 45/2001 and Decision No 1247/2002/EC (OJ L 295, 21.11.2018, p. 39).

42 Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).

Amendment 17

Proposal for a regulation

Recital 5945

Text proposed by the Commission

Amendment

(59) The Authority should establish cooperative relations with the relevant Union agencies and bodies, including Europol, Eurojust, the EPPO, and the European Supervisory Authorities, namely the European Banking Authority, the European Securities and Markets Authority and the European Insurance and Occupational Pensions Authority. To improve cross-sectoral supervision and a better cooperation between prudential and AML/CFT supervisors the Authority should also establish cooperative relations with the authorities competent for prudential supervision of financial sector obliged entities, including the European Central Bank with regard to matters relating to the tasks conferred on it by Council Regulation (EU) No 1024/201343 , as well as with resolution authorities as defined in Article 3 of Directive (EU) 2014/59/EU of the European Parliament and the Council44 and designated Deposit Guarantee Schemes authorities as defined in Article 2 (1), point 18 of Directive 2014/49/EU of the European Parliament and the Council45 . To this end, the Authority should be able to conclude agreements or memoranda of understanding with such bodies, including with regard to any information exchange which is necessary for the fulfilment of the respective tasks of the Authority and these bodies. The Authority should make its best efforts to share information with such bodies on their request, within the limits posed by legal constraints, including data protection legislation. In addition, the Authority should enable effective information exchange between all financial supervisors in the AML/CFT supervisory system and the aforementioned authorities, such cooperation and information exchanges should take place in a structured and efficient way.

(45) The Chair of the Authority should be appointed based on objective criteria by the Council after approval by the European Parliament. He or she should represent the Authority externally and should report on the execution of Authority’s tasks.

(59) The Authority should play a central role in strengthening the cooperation and facilitating information flows between the relevant Union agencies and bodies, including Europol, Eurojust, the EPPO, the EDPS, FRA and the European Supervisory Authorities, namely the European Banking Authority, the European Securities and Markets Authority and the European Insurance and Occupational Pensions Authority. To improve cross-sectoral supervision and a better cooperation between prudential and AML/CFT supervisors the Authority should also establish cooperative relations with the authorities competent for prudential supervision of financial sector obliged entities, including the European Central Bank with regard to matters relating to the tasks conferred on it by Council Regulation (EU) No 1024/201343, as well as with resolution authorities as defined in Article 3 of Directive (EU) 2014/59/EU of the European Parliament and the Council44 and designated Deposit Guarantee Schemes authorities as defined in Article 2 (1), point 18 of Directive 2014/49/EU of the European Parliament and the Council45 so that prudential supervisors can use the information held by AML/CFT authorities in their supervisory processes and AML/CFT supervisors can use the information from prudential supervisors to inform their approach to the AML/CFT supervision of institutions To this end, the Authority should be able to conclude agreements or memoranda of understanding with such bodies, including with regard to any information exchange which is necessary for the fulfilment of the respective tasks of the Authority and these bodies. Such agreements should enable the streamlined, uninterrupted and digital flow of information and strengthen interoperability of systems and data. The Authority should make its best efforts to share information with such bodies on their request, within the limits posed by legal constraints, including data protection legislation. In addition, the Authority should enable effective information exchange between all financial supervisors in the AML/CFT supervisory system and the aforementioned authorities, such cooperation and information exchanges should take place in a structured and efficient way, in order to draw on the experience of other relevant Union institutions, bodies, offices and agencies. The Authority should further establish a contact point and a protocol for whistle-blowers, respecting the necessary confidentiality requirements.

(45) The Chair and the Vice-Chair of the Authority should be appointed based on objective criteria by the Council after approval by the European Parliament. He or she should represent the Authority externally and should report on the execution of Authority’s tasks. The Chair and the Vice-Chair of the Authority should be appointed on the basis of a gender-balanced shortlist of candidates proposed by the Commission based on objective criteria by the Council after approval by the European Parliament. The shortlisted candidates should be heard by the competent committees prior to their approval by the Parliament. The Chair should represent the Authority externally and should report on the execution of Authority’s tasks. The Chair of the Authority should be able to delegate his/her tasks relating to representation to the Vice-Chair .

~~__________________~~

43 Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).

44 Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012 of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).

~~45 Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).~~

Amendment 18

Proposal for a regulation

Recital 6346

Text proposed by the Commission

Amendment

(63) Since the Authority will have a full range of powers and tasks related to direct and indirect supervision and oversight of all obliged entities, it is necessary that these powers remain consolidated within one Union body, and do not give rise to conflicting competences with other Union bodies. Therefore, the European Banking Authority should not retain its tasks and powers related to anti-money laundering and countering the financing of terrorism, and the respective articles in Regulation (EU) No 1093/2010 of the European Parliament and of the Council46 should be deleted. The resources allocated to the European Banking Authority for the fulfilment of those tasks should be transferred to the Authority. Considering that all three European Supervisory Authorities (EBA, ESMA and EIOPA) will be cooperating with the Authority, and may attend the meetings of the General Board in supervisory composition as observers, the same possibility should be afforded to the Authority in respect of meetings of the Board of Supervisors of the European Supervisory Authorities. In cases where the respective Boards of Supervisors discuss or decide on matters that are relevant for the execution of the Authority’s tasks and powers, the Authority should be able to participate in their meetings as an observer. The articles on the compositions of the Board of Supervisors in Regulation (EU) No 1093/2010, Regulation (EU) 1094/2010 of the European Parliament and the Council47 , and Regulation (EU) 1095/2010 of the European Parliament and the Council48 should therefore be amended accordingly.

(46) The Executive Director of the Authority should be appointed by the Executive Board based on a shortlist from the Commission. The Executive Director of the Authority should be a senior administrative official of the Authority, in charge of the day-to-day management of the Authority, and responsible for budget administration, procurement, and recruitment and staffing.

(63) Since the Authority will have a full range of powers and tasks related to direct and indirect supervision and oversight of all obliged entities, it is necessary that these powers remain consolidated within one Union body, and do not give rise to conflicting competences with other Union bodies. Therefore, the European Banking Authority should not retain its tasks and powers related to anti-money laundering and countering the financing of terrorism, and the respective articles in Regulation (EU) No 1093/2010 of the European Parliament and of the Council46 should be deleted. The resources allocated to the European Banking Authority for the fulfilment of those tasks should be transferred to the Authority. Considering that all three European Supervisory Authorities (EBA, ESMA and EIOPA) will be cooperating with the Authority, and may attend the meetings of the General Board in supervisory composition as observers, the same possibility should be afforded to the Authority in respect of meetings of the Board of Supervisors of the European Supervisory Authorities, in order to ensure a smooth exchange of information and draw on relevant experiences. In cases where the respective Boards of Supervisors discuss or decide on matters that are relevant for the execution of the Authority’s tasks and powers, the Authority should be able to participate in their meetings as an observer. The articles on the compositions of the Board of Supervisors in Regulation (EU) No 1093/2010, Regulation (EU) 1094/2010 of the European Parliament and the Council47 , and Regulation (EU) 1095/2010 of the European Parliament and the Council48 should therefore be amended accordingly.

(46) The Executive Director of the Authority should be appointed by the Executive Board based on a gender-balanced shortlist from the Commission after approval by the European Parliament. The Executive Director of the Authority should be a senior administrative official of the Authority, in charge of the day-to-day management of the Authority, and responsible for budget administration, procurement, and recruitment and staffing.

~~_________________~~

46 Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC (OJ L 331, 15.12.2010, p. 12).

47 Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/79/EC (OJ L 331, 15.12.2010, p. 48).

48 Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (OJ L 331, 15.12.2010, p. 84).

Amendment 19

Proposal for a regulation

Recital 6446 a (new)

Text proposed by the Commission

Amendment

(64a) There is a need for an equitable distribution, in geographical and other terms, of financial supervisory tasks. The creation of the Authority may help reduce disparities between Member States regarding AML/CFT supervisory capacity, with obvious benefits when it comes to combating money laundering and terrorist funding more effectively at the Union level.

(46 a) To ensure close involvement of the representatives of the civil society, given the nature and extent of the powers exercised by the Authority, it should set up a Civil Society Advisory Body, with the support of the Commission. Its composition should be determined by the General Board after consultation of the European Parliament. The appointment of the chair of the Advisory body shall be approved by the European Parliament. Such advisory body should be consulted regularly, and in any case whenever the Authority is required by the regulation to conduct public consultation with regard to the adoption of regulatory technical standards, implementing technical standards or when issuing guidelines and recommendations. Such consultation should be conducted unless justified on the grounds of urgency or proportionality. The Body's members should offer guarantees of acting in independent and objective manner and be provided with sufficient resources and expertise commensurate with its tasks.

Amendment 20

Proposal for a regulation

~~Recital 64 a (new)~~

Recital 48

Text proposed by the Commission

Amendment

(64a) Five years after the Authority becomes fully operational, the Commission should conduct a review of the Authority's performance in relation to its mandate, objectives and tasks and its contribution to the non-quantifiable objective of tackling organised criminal groups by depriving them of their assets;

(48) It is necessary to provide the Authority with the necessary financial and human resources in order to fulfil the objectives, tasks and responsibilities assigned to it under this Regulation. Its staff should be geographically and gender balanced. The Authority should have autonomy regarding the recruitment of contract agents. To guarantee the proper functioning of the Authority, funding should be provided by a combination of fees levied on certain obliged entities and a contribution from the Union budget, depending on the tasks and functions. The budget of the Authority should be part of the Union budget, confirmed by the Budgetary Authority on the basis of a proposal from the Commission. The Authority should submit to the Commission a draft budget and an internal financial regulation for approval.

Amendment 21

Proposal for a regulation

~~Article 1 – paragraph 3 – point f a (new)~~

Recital 56

Text proposed by the Commission

Amendment

~~(fa) providing adequate training and assistance to selected obliged entities, financial and non-financial supervisors, and FIUs.~~

(56) Without prejudice to the confidentiality obligations that apply to the Authority’s staff and representatives in accordance with the relevant provisions in Union law, the Authority should be subject to Regulation (EC) No 1049/2001 of the European Parliament and of the Council.39 In line with the confidentiality and professional secrecy restrictions related to supervisory and FIU support and coordination tasks of the Authority, such access should not be extended to confidential information handled by the staff of the Authority. In particular, any operational data or information related to such operational data of the Authority and of the EU FIUs that is in the possession of the Authority due to carrying out the tasks and activities related to support and coordination of FIUs should be deemed as confidential. With regard to supervisory tasks, access to information or data of the Authority, the financial supervisors, or the obliged entities obtained in the process of carrying out the tasks and activities related to direct supervision should in principle also be treated as confidential and not subject to any disclosure. However, confidential information listed that relates to a supervisory procedure can be fully or partially disclosed to the obliged entities which are parties to such supervisory procedure, subject to the legitimate interest of legal and natural persons other than the relevant party, in the protection of their business secrets.

~~Justification~~

(56) Without prejudice to the confidentiality obligations that apply to the Authority’s staff and representatives in accordance with the relevant provisions in Union law, the Authority should be subject to Regulation (EC) No 1049/2001 of the European Parliament and of the Council and apply its principles in the light of the relevant jurisprudence of the Court of Justice.39 In line with the confidentiality and professional secrecy restrictions related to supervisory and FIU support and coordination tasks of the Authority, such access should not be extended to confidential information handled by the staff of the Authority. In particular, any operational data or information related to such operational data of the Authority and of the EU FIUs that is in the possession of the Authority due to carrying out the tasks and activities related to support and coordination of FIUs should be deemed as confidential. With regard to supervisory tasks, access to information or data of the Authority, the financial supervisors, or the obliged entities obtained in the process of carrying out the tasks and activities related to direct supervision should in principle also be treated as confidential and not subject to any disclosure. However, confidential information listed that relates to a supervisory procedure can be fully or partially disclosed to the obliged entities which are parties to such supervisory procedure, subject to the legitimate interest of legal and natural persons other than the relevant party, in the protection of their business secrets. In order to allow for the public and other institutions to scrutinize the handling of the implementation of the Regulation (EC) No 1049/2001, the Authority should issue an annual report on its implementation with regard to the access to documents held by it.

EBA has recently identified that competent authorities sometimes experience difficulties in understanding ultimate beneficiary owners' structures of institutions under their supervision, among other shortcomings. Adequate training and assistance provided by the Authority may be helpful.

__________________

39 Regulation (EC) No 1049/2001 of the European Parliament and of the Council of 30 May 2001 regarding public access to European Parliament, Council and Commission documents (OJ L 145, 31.5.2001, p. 43).

Amendment 22

Proposal for a regulation

~~Article 2 – paragraph 1 – point 2 a (new)~~

Recital 59

Text proposed by the Commission

Amendment

~~2a. 'customer' means a natural or legal person who has a direct contractual business relationship with the obliged entity;~~

(59) The Authority should establish cooperative relations with the relevant Union agencies and bodies, including Europol, Eurojust, the EPPO, and the European Supervisory Authorities, namely the European Banking Authority, the European Securities and Markets Authority and the European Insurance and Occupational Pensions Authority. To improve cross-sectoral supervision and a better cooperation between prudential and AML/CFT supervisors the Authority should also establish cooperative relations with the authorities competent for prudential supervision of financial sector obliged entities, including the European Central Bank with regard to matters relating to the tasks conferred on it by Council Regulation (EU) No 1024/201343 , as well as with resolution authorities as defined in Article 3 of Directive (EU) 2014/59/EU of the European Parliament and the Council44 and designated Deposit Guarantee Schemes authorities as defined in Article 2 (1), point 18 of Directive 2014/49/EU of the European Parliament and the Council45 . To this end, the Authority should be able to conclude agreements or memoranda of understanding with such bodies, including with regard to any information exchange which is necessary for the fulfilment of the respective tasks of the Authority and these bodies. The parties involved should make their best efforts to share information with each other, within the limits posed by legal constraints, including data protection legislation. In addition, the Authority should enable effective information exchange between all financial supervisors in the AML/CFT supervisory system and the aforementioned authorities, such cooperation and information exchanges should take place in a structured and efficient way.

_________________

45 Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).

Amendment 23

Proposal for a regulation

~~Article 5 – paragraph 1 – point e a (new)~~

Recital 62

Text proposed by the Commission

Amendment

(ea) establish and keep up to date a Union interconnected register of assets, providing information on and allowing the identification of the beneficial owners of an extended and clearly defined spectrum of assets;

(62) Since both predicate offenses as well as the crime of money laundering itself often are of global nature, and given that the Union obliged entities also operate with and in third countries, effective cooperation with all the relevant third country authorities in the areas of both supervision and functioning of FIUs are crucial for strengthening the Union AML/CFT framework. Given the Authority’s unique combination of direct and indirect supervision and FIU cooperation-related tasks and powers, it should be able to take an active role in such external cooperation arrangements. Specifically, the Authority should be empowered to develop contacts and enter into administrative arrangements with authorities in third countries that have regulatory, supervisory and FIU-related competences. The Authority’s role could be particularly beneficial in cases where the interaction of several Union public authorities and FIUs with third country authorities concerns matters within the scope of the Authority’s tasks. In such cases, the Authority should have a leading role in facilitating this interaction.

(62) Since both predicate offenses as well as the crime of money laundering itself often are of global nature, and given that the Union obliged entities also operate with and in third countries, effective cooperation with all the relevant third country authorities in the areas of both supervision and functioning of FIUs are crucial for strengthening the Union AML/CFT framework. Given the Authority’s unique combination of direct and indirect supervision and FIU cooperation-related tasks and powers, it should be able to take an active role in such external cooperation arrangements, without prejudice to the respective competences of the Member States, the Union institutions, offices, bodies and agencies. Specifically, the Authority should be empowered to develop contacts and enter into administrative arrangements with authorities in third countries that have regulatory, supervisory and FIU-related competences. The Authority’s role could be particularly beneficial in cases where the interaction of several Union public authorities and FIUs with third country authorities concerns matters within the scope of the Authority’s tasks. In such cases, the Authority should have a coordinating role in facilitating this interaction. The Authority should also undertake its activities in close consultation with other EU institutions, offices, bodies and agencies in the field of AML/CFT that already have established third-country cooperation relationships.

Amendment 24

Proposal for a regulation

~~Article 5 – paragraph 1 – point f~~

Recital 63 a (new)

Text proposed by the Commission

Amendment

~~(f) monitor and support the implementation of asset freezes under the Union restrictive measures across the internal market;~~

(63a) The Authority should have the highest possible degree of autonomy vis-à-vis national supervisors. It should be able to gather and collect information directly from any and all obliged entities to ensure supervision of the highest quality throughout the Union. Mechanisms should be put in place to guarantee that the Authority is able to corroborate the information transmitted by national authorities and selected obliged entities, and that it is able to interview legal and natural persons to do so.

~~(f) monitor and support the implementation of asset freezes, including virtual assets and cryptocurrencies, under the Union restrictive measures across the internal market;~~

Amendment 25

Proposal for a regulation

~~Article 5 – paragraph 1 – point g a (new)~~

Recital 65 a (new)

Text proposed by the Commission

Amendment

(ga) provide publications, training and other services to obliged entity or non-obliged entity in order to raise awareness and address money laundering, terrorist financing and targeted financial sanctions related risks.

(65a) The independence of lawyers vis-à-vis the government and state actors is a cornerstone of the rule of law. The right of bar associations to self-govern is pivotal to the well-functioning of the EU and Member State judiciary. The powers conferred to the Authority shall at all times apply without prejudice to these principles and must respect professional secrecy and legal privilege.

Amendment 26

Proposal for a regulation

Article 51 – paragraph 23 – ~~point d~~subparagraph a-1 (new)

Text proposed by the Commission

Amendment

~~(da) provide adequate training and assistance to selected obliged entities.~~

The objectives listed in points (a), (b), (e) and (f) shall be pursued without prejudice to and in synergy with the complementary objectives of Europol, as defined in its founding Regulation.

Justification

Complementary articles to the ones listed above are the following Articles in the Europol Regulation: Article 3.1, Article 4.1.f), Article 4.1.g) and Article 4.1.h).

Amendment 27

Proposal for a regulation

Article 52 – paragraph 31 – point ~~g a (new)~~4

Text proposed by the Commission

Amendment

~~(ga) provide adequate training and assistance to financial supervisors.~~

(4) ‘non-financial supervisor’ means a supervisor in charge of obliged entities listed in Article 3 of [AMLR], other than credit and financial institutions.

(4) ‘non-financial supervisor’ means a supervisor in charge of obliged entities listed in Article 3 of [AMLR], other than credit institutions , financial institutions and independent legal professionals that are (i) registered with a self-regulatory body and (ii) bound by professional secrecy under the rule of law, taking account of the fact that the legal profession is self-regulatory by nature.

Amendment 28

Proposal for a regulation

Article 5 – paragraph 41 – point f ~~a (new)~~

Text proposed by the Commission

Amendment

~~(fa) provide adequate training and assistance to non-financial supervisors.~~

(f) monitor and support the implementation of asset freezes under the Union restrictive measures across the internal market;

(f) monitor and support the implementation of asset freezes including virtual assets and cryptocurrencies, under the Union restrictive measures across the internal market;

Amendment 29

Proposal for a regulation

Article 5 – paragraph 51 – ~~point~~subparagraph i1 a (new)

Text proposed by the Commission

Amendment

~~(ia) provide adequate training and assistance to FIUs.~~

Tasks listed at points (a), (b),(e) and (g) shall be pursued in close cooperation with Europol.

Amendment 30

Proposal for a regulation

Article 95 – paragraph 25 – point c

Text proposed by the Commission

Amendment

2. By the end of each year, the Chair of the Authority shall present to the General Board in supervisory composition as referred to in Article 46(2) a consolidated planning of the thematic reviews that supervisory authorities intend to undertake during the following year. The Chair may also issue an opinion on potential shortcomings or areas that are not sufficiently covered by the thematic reviews. The General Board in supervisory composition may issue recommendations of thematic reviews to the supervisory authorities for inclusion in future work programmes. In such cases, the supervisory authorities shall provide a written reply to the General Board in supervisory composition before 31 October of the following year.

(c) develop appropriate methods and procedures for the conduct of such joint analyses of cross-border cases, also using the analytical expertise of other EU bodies such as Europol;

~~Justification~~

The authority should be empowered to issue opinions on potential areas of interest that are not covered by the national authorities, as it may be able to more effectively aggregate data and awareness across the EU.

Amendment 31

Proposal for a regulation

Article 105 – paragraph 25 – ~~introductory~~point ~~part~~d

Text proposed by the Commission

Amendment

~~2. The Authority shall facilitate and encourage at least the following activities:~~

(d) set up, coordinate, organise and facilitate the conduct of joint analyses carried out by FIUs;

~~2. The Authority shall organise, facilitate and encourage at least the following activities:~~

(d) set up, coordinate, organise and facilitate the conduct of joint analyses carried out by FIUs, taking into account analysis already carried out by other EU institutions, offices, bodies and agencies involved in the AML/CFT framework;

Amendment 32

Proposal for a regulation

Article 105 – paragraph 35 – point e

Text proposed by the Commission

Amendment

3. Each supervisory authority may submit a request for mutual assistance related to its supervisory tasks to the Authority, specifying the type of assistance that can be provided by the staff of the Authority, the staff of one or more supervisory authorities, or a combination thereof. If the request concerns activities that relate to the supervision of specific obliged entities, the requesting supervisory authority shall ensure that access to any information and data necessary for the provision of assistance may be granted. The Authority shall keep and regularly update the information on specific areas of expertise and on the capacities of supervisory authorities to provide mutual assistance.

(e) develop and make available to FIUs IT and artificial intelligence services and tools for secure information sharing, including by hosting FIU.net;

(e) develop and make available to FIUs' and duly authorized connected third parties' IT and artificial intelligence services and tools for secure information sharing, including by hosting FIU.net;

Amendment 33

Proposal for a regulation

Article 115 – paragraph 15 – point h a (new)

Text proposed by the Commission

Amendment

~~1a. The Authority shall consult the European Data Protection Supervisor to establish storage limitation periods for each type of data processed.~~

(ha) Support and promote the interaction and information dissemination of FIUs with/to law enforcement agencies in general and Europol in particular;

Amendment 34

Proposal for a regulation

Article 115 – paragraph 25 ~~–point~~– ipoint h b (new)

Text proposed by the Commission

Amendment

(i) information collected from competent authorities relating to weaknesses identified during ongoing supervision and authorisation procedures in the processes and procedures, governance arrangements, fitness and propriety, acquisition of qualifying holdings, business models and activities of financial sector operators in relation to preventing and countering money laundering and terrorist financing as well as measures taken by competent authorities, in response to the following material weaknesses affecting one or more requirements of the legislative acts referred to in Article 1(2) of this Regulation, Article 1(2) of Regulation (EU) No 1094/2010 and Article 1(2) of Regulation (EU) No1095/2010 and of any national laws transposing them, respectively, with regard to the prevention of and countering the use of the financial system for the purpose of money laundering or of terrorist financing:

(hb) Develop, support and promote processes for FIUs to efficiently and pro-actively detect and handle terrorist financing cases, involving also Europol intelligence;

~~(i) a breach or a potential breach by a financial sector operator of such requirements,~~

~~(ii) the inappropriate or ineffective application by a financial sector operator of such requirements, or~~

~~(iii) the inappropriate or ineffective application by a financial sector operator of its internal policies and procedures to comply with such requirements.~~

Amendment 35

Proposal for a regulation

Article 115 – paragraph 45 – point i

Text proposed by the Commission

Amendment

4. Any supervisory authority or any non-AML authority may address to the Authority a reasoned request for information collected pursuant to paragraph 2 that is relevant for its supervisory activities. The Authority shall assess those requests and provide the information requested by the supervisory authorities or non-AML authorities on a need-to-know basis and confidential basis and in a timely manner. The Authority shall inform the authority that has initially provided the requested information, of the identity of the requesting supervisory or other authority, the identity of an obliged entity concerned, the reason for the information request as well as whether the information has been provided to the requesting authority.

(i) prepare and coordinate threat assessments, strategic analyses of money laundering and terrorism financing threats, risks and methods identified by FIUs.

4. Any supervisory authority or any non-AML authority, including the EPPO, OLAF and Europol, may address to the Authority a reasoned request for information collected pursuant to paragraph 2 that is relevant for its supervisory activities. The Authority shall assess those requests and provide the information requested by the supervisory authorities or non-AML authorities on a need-to-know basis and confidential basis and in a timely manner. The Authority shall inform the authority that has initially provided the requested information, of the identity of the requesting supervisory or other authority, the identity of an obliged entity concerned, the reason for the information request as well as whether the information has been provided to the requesting authority.

(i) in cooperation with Europol, prepare and coordinate threat assessments, strategic analyses of money laundering and terrorism financing threats, risks and methods identified by FIUs.

Amendment 36

Proposal for a regulation

Article 126 – paragraph 3 – ~~point i a~~introductory ~~(new)~~part

Text proposed by the Commission

Amendment

~~(ia) companies that are engaged in the issuance, trade or distribution of crypto-assets or provide services related to crypto-assets in the Union;~~

3. With respect to FIUs in the Member States, the Authority shall have the following powers:

3. With respect to FIUs in the Member States and other EU institutions, offices, bodies and agencies involved in the AML/CFT framework, the Authority shall have the following powers:

Amendment 37

Proposal for a regulation

Article 126 – paragraph 43 – point ab

Text proposed by the Commission

Amendment

~~(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’);~~

(b) to collect information and statistics in relation to the tasks and activities of the FIUs;

(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’), and the share of beneficiaries of Union funds, including final beneficiaries;

(b) to collect information and statistics in relation to the tasks and activities of the FIUs and other EU institutions, offices, bodies and agencies involved in the AML/CFT framework with which the Authority is cooperating;

Amendment 38

Proposal for a regulation

Article 166 – paragraph 23 – point c

Text proposed by the Commission

Amendment

2. The persons referred to in paragraph 1 or their representatives and, in the case of legal persons or associations having no legal personality, the persons authorised to represent them by law or by their constitution, shall supply the information requested. Lawyers duly authorised to act may supply the information on behalf of their clients. The latter shall remain fully responsible if the information supplied is incomplete, incorrect or misleading.

(c) to obtain and process information and data required for the coordination of joint analyses as specified in Article 33;

2. The persons referred to in paragraph 1 or their representatives and, in the case of legal persons or associations having no legal personality, the persons authorised to represent them by law or by their constitution, shall, without undue delay, cooperate with the Authority and supply the information requested. Lawyers duly authorised to act may supply the information on behalf of their clients. The latter shall remain fully responsible if the information supplied is incomplete, incorrect or misleading.

(c) to obtain, process and match information and data required for the initiation and coordination of joint analyses as specified in Article 33;

Amendment 39

Proposal for a regulation

Article 176 – paragraph 13 – ~~introductory~~point ~~part~~d

Text proposed by the Commission

Amendment

1. In order to carry out the tasks conferred on it by this Regulation, the Authority may conduct all necessary investigations of any selected obliged entity or any natural or legal person employed by or belonging to a selected obliged entity and established or located in a Member State.

(d) to issue guidelines and recommendations.

1. In order to carry out the tasks conferred on it by this Regulation, the Authority may conduct all necessary investigations of any selected obliged entity, other entities of the same group as the selected obliged entity, or any natural or legal person employed by or belonging to a selected obliged entity, and established or located in a Member State.

(d) to issue guidelines and recommendations with the input, when relevant, from other EU institutions, offices, bodies and agencies involved in the AML/CFT framework.

Amendment 40

Proposal for a regulation

Article 256 – paragraph 84 – point c

Text proposed by the Commission

Amendment

8. The Authority shall refer matters for criminal prosecution to the relevant national authorities where, in carrying out its duties under this Regulation, it finds that there are serious indications of the possible existence of facts liable to constitute criminal offences. In addition, the Authority shall refrain from imposing administrative pecuniary sanctions or periodic penalty payments where a prior acquittal or conviction arising from identical facts, or from facts which are substantially the same, has acquired the force of res judicata as the result of criminal proceedings under national law.

8. The Authority shall refer matters for criminal prosecution to the relevant national authorities or, when relevant, to the EPPO, where, in carrying out its duties under this Regulation, it finds that there are serious indications of the possible existence of facts liable to constitute criminal offences. In addition, the Authority shall refrain from imposing administrative pecuniary sanctions or periodic penalty payments where a prior acquittal or conviction arising from identical facts, or from facts which are substantially the same, has acquired the force of res judicata as the result of criminal proceedings under national law.

(c) to issue guidelines and recommendations, as provided in Article 43 with the input, when relevant, from other EU institutions, offices, bodies and agencies involved in the AML/CFT framework;

Amendment 41

Proposal for a regulation

Article 289 – paragraph 13

Text proposed by the Commission

Amendment

1. The Authority shall perform periodic assessments of some or all of the activities of one, several, or all financial supervisors, including the assessment of their tools and resources to ensure high level supervisory standards and practices. The assessments shall include a review of the application of the AML/CFT supervisory methodology developed pursuant to Article 8 and shall cover all financial supervisors in a single assessment cycle. The length of each assessment cycle shall be determined by the Authority and shall not exceed seven years.

3. Where the scope and Union-wide relevance of thematic reviews justify coordination at Union level, they shall be carried out jointly by the relevant supervisory authorities and shall be coordinated by the Authority. The General Board in supervisory composition shall draw up a list of joint thematic reviews. The General Board in supervisory composition shall draw up a report relating to the conduct, subject-matter and outcome of each joint thematic review. The Authority shall publish that report on its website.

1. The Authority shall perform periodic assessments of some or all of the activities of one, several, or all financial supervisors, including the assessment of their tools and resources to ensure high level supervisory standards and practices. The assessments shall include a review of the application of the AML/CFT supervisory methodology developed pursuant to Article 8 and shall cover all financial supervisors in a single assessment cycle. A financial supervisor may be covered more than once in a single assessment cycle. The length of each assessment cycle shall be determined by the Authority and shall not exceed seven years.

~~Justification~~

~~On specially risky financial supervisors, it may be necessary to carry out more evaluations on the same assessment cycle.~~

Amendment 42

Proposal for a regulation

Article 2811 – paragraph 41

Text proposed by the Commission

Amendment

~~4. Financial supervisors shall make every effort to comply with the specific follow-up measures addressed to them as a result of the assessment.~~

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.

4. Financial supervisors shall make every effort to comply with the specific follow-up measures addressed to them as a result of the assessment and shall report to the Authority on the implementation of the follow-up measures. The Authority shall provide a follow-up report two years after the date of publication of the assessment. The follow-up report shall include an assessment of the adequacy and effectiveness of the actions undertaken by the financial supervisors that were subject to the assessment. The Authority shall publish the findings of the follow-up report on its website.

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, also making use, if relevant, of information from Europol in accordance with Regulation 2016/794 and ensure that the results of this analysis are made available to supervisory authorities and other EU institutions, offices, bodies and agencies involved in the AML/CFT framework 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.

~~Justification~~

The follow-up of the Authority of its measures is necessary to ensure an adequate supervision. Furthermore, enhanced transparency can contribute to ensure a coherent approach in the different Member States.

Amendment 43

Proposal for a regulation

Article 2916 – paragraph ~~1 – point~~-1 b(new)

Text proposed by the Commission

Amendment

~~(b) assist in the organisation of college meetings, where requested by the relevant financial supervisors;~~

-1. The supervisory authorities shall provide the Authority with any information needed to carry out the duties conferred on it by this Regulation, provided that they have legal access to the information in question.

~~(b) organise college meetings, where requested by the relevant financial supervisors;~~

Amendment 44

Proposal for a regulation

Article 2916 – paragraph 1 ~~– point c~~

Text proposed by the Commission

Amendment

~~(c) assist in the organisation of joint supervisory plans and joint examinations;~~

1. The Authority may require selected obliged entities and natural or legal persons belonging to them, and third parties to whom the selected obliged entities have outsourced operational functions or activities and natural or legal persons affiliated to them, to provide all information that is necessary in order to carry out the tasks conferred on it by this Regulation.

~~(c) organise joint supervisory plans and joint examinations;~~

1. The Authority may require selected obliged entities and where information is not made available under paragraph -1 also any relevant obliged entities and natural or legal persons belonging to them, including their employees and third parties to whom the selected obliged entities have outsourced operational functions or activities and natural or legal persons affiliated to them, to provide all information that is necessary in order to carry out the tasks conferred on it by this Regulation, including those provided in Article 1(2). Any request shall be duly justified, specify what information is required and establish a reasonable time-limit within which the information is to be provided. In case of non-compliance, selected obliged entities may be subject to the administrative pecuniary sanctions provided for in Article 21.

Any infringement of professional secrecy inherent in the legal profession should be avoided as breaching this basic principle would undermine judicial independence.

Amendment 45

Proposal for a regulation

Article 2925 – paragraph 28

Text proposed by the Commission

Amendment

2. For the purposes of paragraph 1, the staff of the Authority shall have full participation rights in the AML supervisory colleges and shall be able to participate in their activities, including on-site inspections, carried out jointly by two or more financial supervisors.

8. The Authority shall refer matters for criminal prosecution to the relevant national authorities where, in carrying out its duties under this Regulation, it finds that there are serious indications of the possible existence of facts liable to constitute criminal offences. When two or more Member States are involved in facts liable to constitute criminal offences, the Authority shall consider sharing this information with Europol. In addition, the Authority shall refrain from imposing administrative pecuniary sanctions or periodic penalty payments where a prior acquittal or conviction arising from identical facts, or from facts which are substantially the same, has acquired the force of res judicata as the result of criminal proceedings under national law.

Amendment 46

Proposal for a regulation

Article 3126 – paragraph 51

Text proposed by the Commission

Amendment

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 in the non-financial sector or to non-financial supervisors would be necessary from the Union’s perspective.

The Court of Justice of the European Union shall have unlimited jurisdiction to review decisions of the Authority imposing an administrative pecuniary sanction or a periodic penalty payment. It may annul, reduce or increase the fine or periodic penalty payment imposed.

5. The Authority shall publish the findings of the peer review, as well as any guidelines and recommendations referred to in paragraph 4, 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 in the non-financial sector or to non-financial supervisors would be necessary from the Union’s perspective.

Amendment 47

Proposal for a regulation

~~Article 32 – paragraph 2 – introductory part~~

Article 30 – title

Text proposed by the Commission

Amendment

2. Upon request from one or more supervisory authorities in the non-financial sector, 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 in the non-financial sector 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.

Requests to act in exceptional circumstances

Transfer of tasks and powers in exceptional circumstances

Amendment 48

Proposal for a regulation

Article 3330 – paragraph 14

Text proposed by the Commission

Amendment

1. Where, pursuant to Article 25 of [OP please insert the next number to the AMLD, COM(2021)423], a FIU of a Member State identifies a potential need to conduct a joint analysis with one or several FIUs in other Member States, it shall notify the Authority thereof. The Authority shall inform the FIUs in all the relevant Member States and invite them to take part in the joint analysis within five days of the initial notification. To this end, the Authority shall use secured channels of communication. The FIUs in all the relevant Member States shall consider taking part in the joint analysis. The Authority shall ensure that the joint analysis is launched within 20 days of the initial notification.

4. Where the financial supervisor concerned does not comply with the request referred to in paragraph 2 and does not inform the Authority of the steps it has taken or intends to take to comply with the request within ten days from the day of the notification of the request, the Authority may request the Commission to grant permission to transfer the 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.

4. Where the financial supervisor concerned does not comply with the request referred to in paragraph 2 or does not inform the Authority of the steps it has taken or intends to take to comply with the request within ten days from the day of the notification of the request, the Authority may exercise directly itself all 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.

Amendment 49

Proposal for a regulation

Article 3330 – paragraph 35 – introductory part

Text proposed by the Commission

Amendment

3. Upon explicit consent of the FIUs participating in the joint analysis, the staff of the Authority supporting the joint analysis shall be granted access to all the data pertaining to the subject-matter of the joint analysis and shall be able to process those data.

5. The request from the Authority shall contain:

~~3. The staff of the Authority organising the joint analysis shall be granted access to all the data pertaining to the subject-matter of the joint analysis and shall be able to process those data.~~

5. The Authority shall notify the Commission. The notification shall contain:

Amendment 50

Proposal for a regulation

Article 3330 – paragraph 45 – point c

Text proposed by the Commission

Amendment

4. The Authority shall provide all the necessary tools and operational support required for the conduct of the particular joint analysis, in accordance with the developed methods and procedures. In particular, the Authority shall set up a dedicated, secured channel of communication for the performance of the joint analysis, and shall provide the appropriate technical coordination, including IT support, budgetary and logistical support.

Amendment 51

Proposal for a regulation

Article 3430 – paragraph 36

Text proposed by the Commission

Amendment

3. On the basis of the feedback referred to in paragraph 2, or on its own initiative, the Authority may issue follow-up reports relating to the conduct of joint analyses, including specific suggestions on adjustments regarding the methods and procedures for the conduct of the joint analyses, and conclusions on the outcome of the joint analyses. The procedural and operational aspects of the follow-up report shall be shared with all FIUs, without disclosing confidential or restricted information on the case. The conclusions and recommendations relating to the conduct of the joint analyses shall be shared with the FIUs that participated in the relevant joint analyses, and with all the other FIUs insofar as these conclusions do not contain confidential or restricted information.

6. The Commission shall have one month from the date of receipt of the request from the Authority to adopt a decision whether to authorise the transfer of the relevant tasks and powers or to oppose it. The decision shall be notified to the Authority, which shall immediately inform the financial supervisor and the non-selected obliged entity thereof.

3. On the basis of the feedback referred to in paragraph 2, or on its own initiative, the Authority shall issue follow-up reports relating to the conduct of joint analyses, including specific suggestions on adjustments regarding the methods and procedures for the conduct of the joint analyses, and conclusions on the outcome of the joint analyses. The procedural and operational aspects of the follow-up report shall be shared with all FIUs, without disclosing confidential or restricted information on the case. The conclusions and recommendations relating to the conduct of the joint analyses shall be shared with the FIUs that participated in the relevant joint analyses, and with all the other FIUs insofar as these conclusions do not contain confidential or restricted information.

deleted

Amendment 52

Proposal for a regulation

Article 3530 – paragraph 17

Text proposed by the Commission

Amendment

~~1. The FIU of each Member State may delegate one staff member to the Authority. The national FIU delegate shall have his or her regular place of work at the seat of the Authority.~~

7. On the tenth working day after the notification of the decision authorising the transfer of tasks and powers in relation to the non-selected obliged entity, the non-selected obliged entity referred to in paragraph 2 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. The Commission decision shall set a time-limit for the exercise of these tasks and powers, upon the expiry of which they shall be automatically transferred back to the financial supervisor concerned.

~~1. The FIU of each Member State shall delegate one staff member to the Authority. The national FIU delegate shall have his or her regular place of work at the seat of the Authority.~~

deleted

Amendment 53

Proposal for a regulation

Article 3632 – paragraph 13 – ~~point~~subparagraph b1

Text proposed by the Commission

Amendment

~~(b) personnel exchanges and secondment schemes, including secondment of FIU staff from a Member State to the Authority;~~

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.

~~(b) personnel exchanges and secondment schemes, including secondment of FIU staff from a Member State to the Authority and staff from the Authority to the national FIUs;~~

Before issuing such a recommendation, the Authority shall engage with the supervisory authority concerned, in an attempt to reach agreement on the actions necessary for compliance with Union law.

~~Justification~~

~~Secondments of staff of the Authority to the Member States may contribute to the development of common understandings and expertise in all the Member States~~

Amendment 54

Proposal for a regulation

Article 3633 – paragraph 21

Text proposed by the Commission

Amendment

2. Any FIU may submit to the Authority a request for assistance related to the tasks of the FIU, specifying the type of assistance that can be provided by the staff of the Authority, the staff of one or more than one FIU, or a combination thereof. The FIU requesting assistance shall ensure the access to any information and data necessary for the provision of such assistance. The Authority shall keep and regularly update information on specific areas of expertise and capacity of FIUs to provide mutual assistance.

1. Where, pursuant to Article 25 of [OP please insert the next number to the AMLD, COM(2021)423], a FIU of a Member State identifies a potential need to conduct a joint analysis with one or several FIUs in other Member States, it shall notify the Authority thereof. The Authority may also propose itself the initiation of joint analyses. Within 10 working days, the Authority shall assess the merits of such joint-analysis, in light of the priorities identified in the supervisory plan and of the available resources. The Authority shall inform the FIUs in all the relevant Member States and Europol and invite them to take part in the joint analysis within five days of the initial assessment. To this end, the Authority shall use secured channels of communication. The FIUs in all the relevant Member States shall consider taking part in the joint analysis. The Authority shall ensure that the joint analysis is launched within 20 days of the initial assessment.

Amendment 55

Proposal for a regulation

Article 3733 – paragraph 21 a (new)

Text proposed by the Commission

Amendment

2. The Authority shall ensure uninterrupted functioning of the FIU.net and keep it and up to date. Where necessary to support or strengthen the exchange of information and cooperation between the FIUs and based on the needs of FIUs, the Authority shall design and implement, or otherwise make available, upgraded or additional functionalities of FIU.net.

1a. The Authority shall be responsible for the establishment and the composition of joint analysis team, for the coordination of the conduct of joint analysis and shall be empowered to settle potential disagreements between participating FIUs. The Authority shall also develop methods and procedures for the conduct of joint analyses. Where the Authority identifies the need for a joint-analysis, it shall, on its own initiative, request FIUs to participate in the conduct of the joint analysis.

Amendment 56

Proposal for a regulation

Article 3733 – paragraph ~~3 – point b~~2

Text proposed by the Commission

Amendment

~~(b) coordinate, manage and support any testing activities;~~

2. Any FIU that declines to participate in the conduct of the joint analysis shall provide the reasons thereof in writing to the Authority, within five days of the receipt of the invitation. The Authority shall provide such explanation without delay to the FIU having identified the need for a joint analysis.

~~(b) organise, coordinate, manage and support any testing activities;~~

2. Any FIU that declines to participate in the conduct of the joint analysis shall provide the reasons thereof in writing to the Authority, within five days of the receipt of the invitation. In case the proposal to initiate a joint analysis originated from an FIU, the Authority shall provide such explanation without delay to the FIU having identified the need for a joint analysis.

Amendment 57

Proposal for a regulation

Article 3733 – paragraph 42 a (new)

Text proposed by the Commission

Amendment

4. For the purposes of carrying out the tasks referred to in paragraphs 1, 2 and 3, the Authority shall be empowered to conclude or enter into legally binding contracts or agreements with third party service providers.

2a. In order to bring together all relevant information in an early stage of the joint analysis, the joint analysis should encompass the matching of subject-matter data against Europol databases.

~~4. For the purposes of carrying out the tasks referred to in paragraphs 1, 2 and 3, the Authority shall have the dedicated staff necessary to ensure the functioning and security of FIU.net .~~

Amendment 58

Proposal for a regulation

Article 3833 – paragraph ~~1 – subparagraph 2~~3

Text proposed by the Commission

Amendment

Before submitting them to the Commission, the Authority shall conduct open public consultations on draft regulatory technical standards and shall analyse the potential related costs and benefits, unless those consultations and analyses are highly disproportionate in relation to the scope and impact of the draft regulatory technical standards concerned or in relation to the particular urgency of the matter.

~~Before submitting them to the Commission, the Authority shall conduct open public consultations on draft regulatory technical standards and shall analyse the potential related costs and benefits.~~

3. The staff of the Authority participating in the joint analysis shall be granted access to all the data pertaining to the subject-matter of the joint analysis and shall be able to process those data.

Amendment 59

Proposal for a regulation

Article 3833 – paragraph ~~3 –~~4 ~~subparagraph~~a 1(new)

Text proposed by the Commission

Amendment

The Commission shall conduct open public consultations on draft regulatory technical standards and analyse the potential related costs and benefits, unless such consultations and analyses are disproportionate in relation to the scope and impact of the draft regulatory technical standards concerned or in relation to the particular urgency of the matter.

4a. As soon as a joint analysis concludes that there is reasonable suspicion of an offence being committed, the Authority shall inform Europol.

~~The Commission shall conduct open public consultations on draft regulatory technical standards and analyse the potential related costs and benefits.~~

Amendment 60

Proposal for a regulation

Article 4134 – paragraph 2

Text proposed by the Commission

Amendment

2. Where appropriate, the European Parliament or the Council may invite the responsible Commissioner, together with the Chairperson of the Authority, within one month of the notice referred to in paragraph 1, for an ad hoc meeting of the competent committee of the European Parliament or the Council to present and explain their differences.

2. The FIUs that participated or were otherwise involved in one or more joint analyses may provide their feedback on the conduct of the analysis, including feedback on the operational support provided by the Authority in the process of the joint analysis, as well as feedback on the outcome of the analysis working methods and arrangements in place, the tools available and the coordination between the participating FIUs. The feedback may be labelled as confidential, in which case it will not be shared with other FIUs.

2. Where appropriate, the European Parliament or the Council may invite the responsible Commissioner, together with the Chairperson of the Authority, within three months of the notice referred to in paragraph 1, for an ad hoc meeting of the competent committee of the European Parliament or the Council to present and explain their differences.

2. The FIUs that participated or were otherwise involved in one or more joint analyses as well as Europol may provide their feedback on the conduct of the analysis, including feedback on the operational support provided by the Authority in the process of the joint analysis, as well as feedback on the outcome of the analysis working methods and arrangements in place, the tools available and the coordination between the participating FIUs. The feedback may be labelled as confidential, in which case it will not be shared with other FIUs.

Amendment 61

Proposal for a regulation

Article 4235 – paragraph 1 ~~– subparagraph 1~~

Text proposed by the Commission

Amendment

Before submitting draft implementing technical standards to the Commission, the Authority shall conduct open public consultations and shall analyse the potential related costs and benefits, unless such consultations and analyses are highly disproportionate in relation to the scope and impact of the draft implementing technical standards concerned or in relation to the particular urgency of the matter.

1. The FIU of each Member State may delegate one staff member to the Authority. The national FIU delegate shall have his or her regular place of work at the seat of the Authority.

~~Before submitting draft implementing technical standards to the Commission, the Authority shall conduct open public consultations and shall analyse the potential related costs and benefits.~~

1. The FIU of each Member State shall delegate one staff member to the Authority. The national FIU delegate shall have his or her regular place of work at the seat of the Authority.

Amendment 62

Proposal for a regulation

Article 4337 – paragraph 12

Text proposed by the Commission

Amendment

1. The Authority shall, with a view to establishing consistent, efficient and effective supervisory and FIU-related practices, and to ensuring the common, uniform and consistent application of Union law, issue guidelines addressed to all supervisory authorities, FIUs, or all obliged entities and issue recommendations to one or more supervisory authorities or to one or more obliged entities. The Authority shall work closely with other Union institutions, bodies, offices and agencies that are part of the AML/CFT framework in order to enhance efficiency and avoid overlaps.

2. The Authority shall ensure uninterrupted functioning of the FIU.net and keep it and up to date. Where necessary to support or strengthen the exchange of information and cooperation between the FIUs and other entities authorized to have access to FIU.net and based on the needs of FIUs, the Authority shall design and implement, or otherwise make available, upgraded or additional functionalities of FIU.net.

Amendment 63

Proposal for a regulation

Article 43 – paragraph ~~3 – subparagraph~~ 2

Text proposed by the Commission

Amendment

The Authority shall publish the fact that a supervisory authority does not comply or does not intend to comply with that guideline or recommendation. The Authority may also decide, on a case-by-case basis, to publish the reasons provided by the supervisory authority for not complying with that guideline or recommendation. The supervisory authority shall receive advanced notice of such publication.

2. The Authority shall, where appropriate, conduct open public consultations regarding the guidelines and recommendations which it issues and analyse the related potential costs and benefits of issuing such guidelines and recommendations. Those consultations and analyses shall be proportionate in relation to the scope, nature and impact of the guidelines or recommendations. Where the Authority does not conduct open public consultations, the Authority shall provide its reasons.

The Authority shall publish the fact that a supervisory authority does not comply or does not intend to comply with that guideline or recommendation. The Authority shall publish the reasons provided by the supervisory authority for not complying with that guideline or recommendation. The supervisory authority shall receive advanced notice of such publication.

Amendment 64

Proposal for a regulation

Article 43 – paragraph 3 – subparagraph 32

Text proposed by the Commission

Amendment

~~If required by that guideline or recommendation, obliged entities shall report, in a clear and detailed way, whether they comply with that guideline or recommendation.~~

~~Obliged~~The ~~entities~~Authority shall ~~report,~~publish inthe fact that a ~~clear~~supervisory ~~and~~authority ~~detailed~~does ~~way,~~not ~~whether~~comply ~~they~~or does not intend to comply with that guideline or recommendation and the reasons provided by the supervisory authority for not complying with that guideline or recommendation.

Amendment 65

Proposal for a regulation

Article 43 – paragraph 3 – subparagraph 3 ~~a (new)~~

Text proposed by the Commission

Amendment

In the report on the execution of its tasks, referred to in Article 72(2), the Authority shall inform the European Parliament, the Council and the Commission of the guidelines and recommendations that it has issued, stating which national authority has not complied with them and outlining how the Authority intends to ensure that its recommendations and guidelines are complied with in the future.

If required by that guideline or recommendation, obliged entities shall report, in a clear and detailed way, whether they comply with that guideline or recommendation.

If required by that guideline or recommendation, obliged entities shall report, in a clear and detailed way, whether they comply with that guideline or recommendation and, in case of non-compliance, they should provide reasons thereof.

Amendment 66

Proposal for a regulation

Article 4443 – paragraph 3 – subparagraph 3 a (new)

Text proposed by the Commission

Amendment

3. The Authority may, upon a request from the European Parliament, from the Council or from the Commission provide technical advice to the European Parliament, the Council and the Commission in the areas set out in the legislative acts referred to in Article 1(2).

In the report on its activities referred to in Article 72(2), the Authority shall inform the European Parliament, the Council and the Commission of the guidelines and recommendations that it has issued, with an overview of cases of non-compliance by national authorities, analysis of the reasons for such non-compliance and proposals on how the Authority intends to ensure that its recommendations and guidelines will be followed in the future.

3. The Authority shall, upon a request from the European Parliament, from the Council or from the Commission provide technical advice to the European Parliament, the Council and the Commission in the areas set out in the legislative acts referred to in Article 1(2).

Amendment 67

Proposal for a regulation

Article 4644 – paragraph 42

Text proposed by the Commission

Amendment

4. The General Board may decide to admit observers. In particular, the General Board in FIU composition shall admit as an observer a representative of OLAF, Europol, Eurojust and the EPPO to meetings when matters fall under their respective mandates. The General Board in supervisory composition shall admit a representative nominated by the Supervisory Board of the European Central Bank and a representative of each of the European Supervisory Authorities, where matters within the scope of their respective mandates are discussed.

2. The request referred to in paragraph 1 may include a public consultation or a technical analysis.

4. The General Board may decide to admit observers. In particular, the General Board in FIU composition shall admit as observers representatives of OLAF, Europol, Eurojust and the EPPO to its meetings if those bodies so request. The General Board in supervisory composition shall admit a representative nominated by the Supervisory Board of the European Central Bank and a representative of each of the European Supervisory Authorities, where matters within the scope of their respective mandates are discussed.

2. The request referred to in paragraph 1 may include a public consultation or a technical analysis and may also involve the consultation of other EU institutions, offices, bodies and agencies involved in the AML/CFT framework.

Amendment 68

Proposal for a regulation

Article 4845 – paragraph 1 – point 4 a (new)

Text proposed by the Commission

Amendment

1. When carrying out the tasks conferred upon them by this Regulation, the members of the General Board in both compositions referred to in Article 46(2) points (a) and (b) and (3) points (a) and (b) shall act independently and objectively in the sole interest of the Union as a whole and shall neither seek nor take instructions from Union institutions, bodies, offices nor agencies from any government or any other public or private body.

(4 a) a Civil Society Advisory Body, which shall exercise the tasks set out in Article 59a;

1. When carrying out the tasks conferred upon them by this Regulation, the members of the General Board in both compositions referred to in Article 46(2) points (a) and (b) and (3) points (a) and (b) shall act independently and objectively in the sole interest of the Union as a whole and shall neither seek nor take instructions from Union institutions, bodies, national supervisors, offices nor agencies from any government or any other public or private body.

Amendment 69

Proposal for a regulation

Article 4846 – paragraph 2 – point c a (new)

Text proposed by the Commission

Amendment

~~2. Member States, Union institutions, agencies, offices or bodies, and any other public or private body, shall not seek to influence the members of the General Board in the performance of its tasks.~~

(c a) one representative of the Civil Society Advisory Body, without the right to vote;

2. Member States, Union institutions, agencies, offices or bodies, national supervisors, and any other public or private body, shall not seek to influence the members of the General Board in the performance of its tasks.

Amendment 70

Proposal for a regulation

Article 4846 – paragraph 32 – subparagraph 1

Text proposed by the Commission

Amendment

~~3. The General Board shall lay down, in its Rules of Procedure, the practical arrangements for the prevention and the management of conflict of interest.~~

The heads of the supervisory authorities referred to in the first subparagraph, point (b) in each Member State shall share a single vote and shall agree on a single common representative for each meeting and voting procedure. That common representative shall be the ad-hoc voting member for the purposes of that meeting or voting procedure. The public authorities in a Member State may also agree on a single permanent common representative who shall be a permanent voting member. Where items to be discussed by the General Board in supervisory composition concern the competence of several public authorities, the ad-hoc or permanent voting member may be accompanied by a representative from up to two other public authorities, who shall be non-voting.

3. The General Board shall lay down, in its Rules of Procedure, the practical arrangements for the prevention and the management of conflict of interest so that the Authority's ability to carry out high quality supervision, launch investigations and impose administrative pecuniary sanctions throughout the Union, as specified in Article 21 and 22, is ensured.

Amendment 71

Proposal for a regulation

Article 5246 – paragraph 3 – point c a (new)

Text proposed by the Commission

Amendment

3. The five members of the Executive Board referred to in paragraph 1, point (b), shall be selected following an open selection procedure which shall be published in the Official Journal of the European Union. They shall be appointed by the General Board based on the shortlist drawn by the Commission. The selection shall respect the principles of experience, qualification, and, to the extent possible, gender and geographical balance.

(c a) A representative of Europol without the right to vote.

3. The five members of the Executive Board referred to in paragraph 1, point (b), shall be selected following an open selection procedure which shall be published in the Official Journal of the European Union. They shall be appointed by the General Board based on a gender-balanced shortlist drawn by the Commission at the end of a hearing and approval procedure carried out by the European Parliament. The selection shall respect the principles of experience, qualification, gender and geographical balance.

Amendment 72

Proposal for a regulation

Article 5246 – paragraph ~~7 – introductory wording~~4

Text proposed by the Commission

Amendment

7. During a period of one year after ceasing to hold office, the former members of the Executive Board, including the Chair of the Authority, are prohibited from engaging in a gainful occupational activity with

7. During a period of one year for the members of the Executive Board and two years for the Chair of the Authority after ceasing to hold office, the former members and Chair are prohibited from engaging in a gainful occupational activity with

4. The General Board may avail itself with expertise of other union institutions, agencies, bodies and offices as well as other organisations dealing with AML/CFT issues. The General Board may decide to admit observers. In particular, the General Board in FIU composition shall admit as an observer a representative of OLAF, Eurojust and the EPPO to meetings when matters fall under their respective mandates. The General Board in supervisory composition shall admit a representative nominated by the European Central Bank and a representative of each of the European Supervisory Authorities, where matters within the scope of their respective mandates are discussed. The General Board in both compositions shall invite representatives of organisations dealing with AML/CTF issues, in particular relevant domestic and international organisations and members of the academia of recognised standing where the matters discussed fall within their respective areas of expertise.

Amendment 73

Proposal for a regulation

Article 5646 – paragraph 14 a (new)

Text proposed by the Commission

Amendment

1. The Chair of the Authority shall be selected on the basis of merit, skills, knowledge, recognised standing and experience in the area of anti-money laundering and countering the financing of terrorism and other relevant qualification, following an open selection procedure which shall be published in the Official Journal of the European Union. The Commission shall draw up a shortlist of two qualified candidates for the position of the Chair of the Authority. The Council, after approval by the European Parliament, shall adopt an implementing decision to appoint the Chair of the Authority.

4 a. The General Board may exceptionally decide, on case-by-case basis upon a reasoned proposal of the Executive Board to meet in either composition without observers.

1. The Chair of the Authority shall be selected on the basis of merit, skills, knowledge, recognised standing and experience in the area of anti-money laundering and countering the financing of terrorism and other relevant qualification, following an open selection procedure which shall respect the gender balance principle and be published in the Official Journal of the European Union. The Commission shall draw up a gender- balanced shortlist of two qualified candidates for the position of the Chair of the Authority. The Council, at the end of a hearing and approval procedure by the European Parliament, shall adopt an implementing decision to appoint the Chair of the Authority.

Amendment 74

Proposal for a regulation

Article 5647 – paragraph 21

Text proposed by the Commission

Amendment

2. If the Chair of the Authority no longer fulfils the conditions required for the performance of his or her duties or has been guilty of serious misconduct, the Council may, following a proposal by the General Board in either composition, adopt an implementing decision to remove the Chair of the Authority from office. The Council shall act by qualified majority.

The General Board, on its own initiative or at the request of the Chair of the Authority, may establish internal committees for specific tasks attributed to it. The General Board may provide for the delegation of certain clearly defined tasks and decisions to internal committees, to the Executive Board or to the Chair. The General Board may revoke such delegation at any time.

2. If the Chair of the Authority no longer fulfils the conditions required for the performance of his or her duties or has been guilty of serious misconduct, the Council may, following a proposal by the General Board in either composition, and after approval of the European Parliament, adopt an implementing decision to remove the Chair of the Authority from office. The Council shall act by qualified majority.

Amendment 75

Proposal for a regulation

Article 5852 – paragraph 41 – point a

Text proposed by the Commission

Amendment

4. The Executive Director shall be selected on the grounds of merit and documented high-level administrative, budgetary and management skills, following an open selection procedure which shall be published in the Official Journal of the European Union, and, as appropriate, other press or internet sites. The Commission shall draw up a shortlist of two qualified candidates for the position of the Executive Director. The Executive Board shall appoint the Executive Director.

(a) the Chair of the Authority;

4. The Executive Director shall be selected on the grounds of merit and documented high-level administrative, budgetary and management skills, following an open selection procedure which respects the gender balance principle, shall be published in the Official Journal of the European Union, and, as appropriate, other press or internet sites. The Commission shall draw up a gender-balanced shortlist of two qualified candidates for the position of the Executive Director, submitted to the European Parliament for approval. The Executive Board shall appoint the Executive Director from the approved shortlist.

(a) the Chair and the Vice-Chair of the Authority;

Amendment 76

Proposal for a regulation

Article 5852 – paragraph ~~5 – subparagraph 1~~6

Text proposed by the Commission

Amendment

~~The Executive Director may be removed from office by the Executive Board on proposal by the Commission.~~

6. If one or more of the members of the Executive Board, except for the Chair of the Authority, no longer fulfil the conditions required for the performance of his or her duties or has been guilty of serious misconduct, the General Board may, following a proposal by the Commission, remove any of the members of the Executive Board from office.

~~The Executive Director may be removed from office by the Executive Board on proposal by the Commission or the European Parliament.~~

6. If one or more of the members of the Executive Board, except for the Chair and the Vice-Chair of the Authority, no longer fulfil the conditions required for the performance of his or her duties or has been guilty of serious misconduct, the General Board may, following a proposal by the Commission, remove any of the members of the Executive Board from office.

Amendment 77

Proposal for a regulation

Article 5952 – paragraph 17 – introductory part

Text proposed by the Commission

Amendment

1. The Executive Director shall be in charge of the day-to-day management of the Authority and shall aim to ensure gender balance within the Authority. In particular, the Executive Director shall be responsible for:

1. The Executive Director shall be in charge of the day-to-day management of the Authority and shall aim to ensure gender balance within the Authority at all levels of staff. In particular, the Executive Director shall be responsible for:

7. During a period of two years after ceasing to hold office, the former members of the Executive Board, including the Chair and the Vice-Chair of the Authority, are prohibited from engaging in a gainful occupational activity with

Amendment 78

Proposal for a regulation

Article 6853 – paragraph 75

Text proposed by the Commission

Amendment

7. The Executive Director shall submit to the European Parliament, at the latter's request, any information required for the smooth application of the discharge procedure for the financial year N, in accordance with Article 261(3) of Regulation (EU, Euratom) 2018/1046.

5. The Executive Board shall select a Vice-Chair of the Authority among its voting members. The Vice-Chair shall automatically replace the Chair, if the latter is prevented from attending to his/her duties.

7. The Executive Director shall submit to the European Parliament, at the latter's request, any information required for the smooth application of the discharge procedure, in accordance with Article 261(3) of Regulation (EU, Euratom) 2018/1046.

deleted

Amendment 79

Proposal for a regulation

~~Article 68 – paragraph 8~~

Chapter III – Section 3 – title

Text proposed by the Commission

Amendment

8. On a recommendation from the Council acting by a qualified majority, the European Parliament shall, before 15 May of year N + 2, give a discharge to the Executive Director in respect of the implementation of the budget for year N.

THE CHAIR OF THE AUTHORITY

8. On a recommendation from the Council acting by a qualified majority, the European Parliament shall, before 15 May of year N + 2, consider whether to give a discharge to the Executive Director in respect of the implementation of the budget for year N.

THE CHAIR AND VICE-CHAIR OF THE AUTHORITY

Amendment 80

Proposal for a regulation

~~Article 68 – paragraph 8 a (new)~~

Article 56 – title

Text proposed by the Commission

Amendment

8 a. By 1 October each year the Executive Director shall submit to the European Parliament detailed follow-up information addressing the main recommendations made in the discharge decision taken earlier that year.

Appointment of the Chair of the Authority

Appointment of the Chair and of the Vice-Chair of the Authority

Amendment 81

Proposal for a regulation

Article 7056 – paragraph 21

Text proposed by the Commission

Amendment

~~2. The Authority shall accede to the Interinstitutional Agreement concerning internal investigations by OLAF and shall immediately adopt appropriate provisions for all staff of the Authority.~~

2. By the end of 2024, the Authority shall have acceded to the Interinstitutional Agreement concerning internal investigations by OLAF and shall have immediately adopted appropriate provisions for all staff of the Authority.

1. The Chair and the Vice-Chair of the Authority shall be selected on the basis of merit, skills, knowledge, recognised standing and experience in the area of anti-money laundering and countering the financing of terrorism, high-level experience in international cooperation and other relevant qualification, following an open selection procedure, which shall respect the principle of gender balance and shall be published in the Official Journal of the European Union. The Commission shall draw up a gender-balanced shortlist of four qualified candidates for the position of the Chair and Vice-Chair of the Authority. Before the approval, the candidate(s) shall be heard by the competent committee(s) of the European Parliament. After conducting hearings, the European Parliament shall select one of those candidates for each position. The Council, after approval by the European Parliament, shall adopt an implementing decision to appoint the Chair and the Vice-Chair of the Authority.

Where the European Parliament is of the opinion that none of the shortlisted candidates sufficiently fulfils the qualifications set out in the first subparagraph, the open selection procedure will recommence.

Amendment 82

Proposal for a regulation

Article 7256 – paragraph 21 a (new)

Text proposed by the Commission

Amendment

1a. The Vice-Chair shall automatically replace the Chair, if the latter is prevented from attending to his/her duties.

2. The Authority shall submit on an annual basis to the European Parliament, to the Council, and to the Commission a report on the execution of the tasks conferred on it by this Regulation, including information on the planned evolution of the structure and amount of the supervisory fees referred to in Article 66, as well on guidelines and recommendations it has issued following the procedure set out in Article 43.The Chair of the Authority shall present that report in public to the European Parliament.

Amendment 83

Proposal for a regulation

Article 7256 – paragraph 42

Text proposed by the Commission

Amendment

~~4. The Authority shall reply orally or in writing to questions put to it by the European Parliament.~~

~~4. The Authority shall reply orally or in writing to questions put to it by the European Parliament as soon as possible and in any case within five weeks of their notification to the Authority.~~

2. If the Chair or the Vice-Chair of the Authority no longer fulfils the conditions required for the performance of his or her duties or has been guilty of serious misconduct, the Council may, following a proposal by the General Board in either composition, and after consultation of the European Parliament, adopt an implementing decision to remove the Chair or the Vice-Chair of the Authority from office. The Council may also decide to deprive the Chair or the Vice-Chair of his or her right to a pension or other benefits in case he or she is found guilty of serious misconduct. The Council shall act by qualified majority.

Amendment 84

Proposal for a regulation

Article 7556 – paragraph 3

Text proposed by the Commission

Amendment

3. For the purpose of carrying out the tasks conferred on it by this Regulation, the Authority shall be authorised, within the limits and under the conditions set out in the acts referred to in Article 1(2), to exchange information with national or Union authorities and bodies in the cases where these acts allow financial supervisors to disclose information to those entities or where Member States may provide for such disclosure under the relevant Union law.

3. Should the Chair resign or be unable to attend to his or her duties for any other reason, the functions of the Chair shall be performed by the Vice-Chair.

3. Should the Chair resign, be dismissed or leave his/her position for any reason, the position shall immediately be filled in accordance with the procedure set out in paragraph 1.

Amendment 85

Proposal for a regulation

Article 7957 – paragraph 1

Text proposed by the Commission

Amendment

Where relevant for the fulfilment of the tasks referred to in Sections 3 and 6 of Chapter II, the Authority may participate in existing cooperation arrangements established in one or across several Member States by supervisory authorities or FIUs, where such arrangements involve, inter alia, cooperation and information exchange between the aforementioned authorities and selected obliged entities. Participation of the Authority shall be subject to consent of the relevant national authority that has established such arrangement.

1. The Chair of the Authority shall represent the Authority and shall be responsible for preparing the work of the General Board and the Executive Board, including setting the agenda, convening and chairing all the meetings and tabling items for decision.

Where relevant for the fulfilment of the tasks referred to in Sections 3 and 6 of Chapter II, the Authority shall participate in existing cooperation arrangements established in one or across several Member States by supervisory authorities or FIUs, where such arrangements involve, inter alia, cooperation and information exchange between the aforementioned authorities and selected obliged entities.

Amendment 86

Proposal for a regulation

Article 8058 – paragraph 14

Text proposed by the Commission

Amendment

1. The Authority may conclude working arrangements with Union institutions, Union decentralised agencies and other Union bodies, acting in the field of law enforcement and judicial cooperation. Those working arrangements may be of a strategic or technical nature, and shall in particular aim to facilitate cooperation and the exchange of information between the parties thereto. The working arrangements shall neither form the basis for allowing the exchange of personal data nor shall bind the Union or its Member States.

4. The Executive Director shall be selected on the grounds of merit and documented high-level administrative, budgetary and management skills, following an open selection procedure, which shall respect the principle of gender balance and which shall be published in the Official Journal of the European Union, and, as appropriate, other press or internet sites. The Commission shall draw up a shortlist of two qualified candidates for the position of the Executive Director. After the approval by the European Parliament, the Executive Board shall appoint the Executive Director.

Amendment 87

Proposal for a regulation

Article 8058 – paragraph 25 – introductory part

Text proposed by the Commission

Amendment

2. The Authority shall establish and maintain a close relationship with OLAF, Europol, Eurojust, and the EPPO. To that end, the Authority shall conclude separate working arrangements with OLAF, Europol, Eurojust, and the EPPO setting out the details of their cooperation. The relationship shall aim in particular to ensure the exchange of strategic information and trends in relation to money laundering and terrorist financing threats facing the Union.

5. The term of office of the Executive Director shall be five years. In the course of the nine months preceding the end of the Executive Director’s term of office, the Executive Board shall undertake an assessment that takes into account an evaluation of the Executive Director's performance and the Agency's future tasks and challenges. The Executive Board, taking into account the evaluation referred to in the first subparagraph, may extend the term of office of the Executive Director once.

2. The Authority shall establish and maintain a close relationship with OLAF, Europol, Eurojust, and the EPPO. To that end, by the end of 2024, the Authority shall have concluded separate working arrangements with OLAF, Europol, Eurojust, and the EPPO setting out the details of their cooperation. The relationship shall aim in particular to ensure the exchange of strategic information and trends in relation to money laundering and terrorist financing threats facing the Union.

Amendment 88

Proposal for a regulation

~~Article 84 – paragraph 1 – subparagraph 1~~

Chapter III – Section 4 a (new)

Text proposed by the Commission

Amendment

When drafting guidelines and recommendations in accordance with Article 43, having a significant impact on the protection of personal data, the Authority shall, after being authorized by the Commission, consult the European Data Protection Supervisor established by Regulation (EU) 2018/1725. The Authority may also invite national data protection authorities as observers in the process of drafting such guidelines and recommendations.

SECTION 4 a (new)

When drafting guidelines and recommendations in accordance with Article 43, having a significant impact on the protection of personal data, the Authority shall consult the European Data Protection Supervisor established by Regulation (EU) 2018/1725. The Authority may also invite national data protection authorities as observers in the process of drafting such guidelines and recommendations.

CIVIL SOCIETY ADVISORY BODY

Amendment 89

Proposal for a regulation

Article 8659 – paragraph 61 – introductory part

Text proposed by the Commission

Amendment

6. A delegated act adopted pursuant to Article 25 and Article 65 shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of one month of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by one month at the initiative of the European Parliament or of the Council.

6. A delegated act adopted pursuant to Article 25 and Article 65 shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of three months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by one month at the initiative of the European Parliament or of the Council.

1. The Executive Director shall be in charge of the day-to-day management of the Authority and shall aim to ensure gender and geographical balance within the Authority. In particular, the Executive Director shall be responsible for:

Amendment 90

Proposal for a regulation

~~Article 88 – paragraph 1 – introductory part~~

Article 59 a (new)

Text proposed by the Commission

Amendment

1. By 31 December 2029, and every five years thereafter, the Commission shall assess the Authority’s performance in relation to its objectives, mandate, tasks and location(s), in accordance with the Commission's guidelines. The evaluation shall, in particular, address:

Article 59 a

1. By 31 December 2028, and every five years thereafter, the Commission shall assess the Authority’s performance in relation to its objectives, mandate, tasks and location(s), in accordance with the Commission's guidelines. The evaluation shall, in particular, address:

Civil Society Advisory Body

1. The Authority shall establish a Civil Society Advisory Body for the purpose of advising it when exercising its powers listed in Article 38, 42 and 43.

2. The General Board shall determine the composition of the Civil Society Advisory Body upon the recommendation of the Commission and after consultation of the European Parliament. The appointment of the chair of the Advisory body shall be approved by the European Parliament. The internal working methods of the Advisory Body shall be established by the body itself.

3. The Civil Society Advisory Body shall be consulted regularly, and in any case whenever the Authority or the Commission is required to conduct public consultations in particular with regard to the adoption of regulatory technical standards under Article 38(1) and (3), implementing technical standards under Article 42(1) and (3) and guidelines and recommendations under Article 43(2), unless such consultation is disproportionate in relation to the particular urgency of the matter. If such consultation is not conducted, the Authority or the Commission respectively shall clearly justify such decision.

4. When carrying out the tasks conferred upon them by this Regulation, the members of the Civil Society Advisory Body shall act independently and objectively in the sole interest of the Union as a whole and shall neither seek nor take instructions from Union institutions, bodies, offices nor agencies from any government or any other public or private body.

5. The Civil Society Advisory body shall be provided with sufficient resources and expertise to assess the exercise of the powers of the Authority under this Regulation.

6. The General Board shall lay down the practical arrangements for the prevention and the management of conflict of interest of the members of the Civil Society Advisory Body.

Amendment 91

Proposal for a regulation

Article 8872 – paragraph ~~1 – point c~~2

Text proposed by the Commission

Amendment

~~(c) the impact of the activities related to support and coordination of FIUs, and in particular the coordination of the joint analyses of cross-border activities and transactions conducted by FIUs;~~

(c) the impact of the activities related to support and coordination of FIUs, and in particular the organisation and coordination of the joint analyses of cross-border activities and transactions conducted by FIUs;

2. The Authority shall submit on an annual basis to the European Parliament, to the Council, and to the Commission a report on the execution of the tasks conferred on it by this Regulation, including information on the planned evolution of the structure and amount of the supervisory fees referred to in Article 66, the outcome of joint analyses, the issuing and implementation of guidelines and recommendations and the measures on access to documents in application of Regulation (EC) No 1049/2001. The Chair of the Authority shall present that report in public to the European Parliament.

Amendment 92

Proposal for a regulation

Article 8872 – paragraph ~~1 – point j a (new)~~4

Text proposed by the Commission

Amendment

~~(j a) the effectiveness of the Authority’s anti-fraud measures;~~

4. The Authority shall reply orally or in writing to questions put to it by the European Parliament.

4. The Authority shall reply orally or in writing to questions put to it by the European Parliament as soon as possible and in any case at the latest within five weeks of their notification to the Authority.

Amendment 93

Proposal for a regulation

Article 8879 – paragraph ~~2 – point c~~1

Text proposed by the Commission

Amendment

~~(c) it is appropriate to confer additional tasks in the area of support and coordination of the work of FIUs;~~

Where relevant for the fulfilment of the tasks referred to in Sections 3 and 6 of Chapter II, the Authority may participate in existing cooperation arrangements established in one or across several Member States by supervisory authorities or FIUs, where such arrangements involve, inter alia, cooperation and information exchange between the aforementioned authorities and selected obliged entities. Participation of the Authority shall be subject to consent of the relevant national authority that has established such arrangement.

(c) it is appropriate to confer additional tasks in the area of support and coordination of the work of FIUs, in particular whether it is appropriate for the EU FIUs’ Platform to become a Union-level FIU that will better integrate national FIUs and be competent for receiving reports of suspicious transactions directly from all obliged entities in the Union, in which case the opinion of the Authority shall be annexed to the evaluation; if the EU FIUs’ platform becomes a Union-level FIU, the Authority and Member States´ FIUs shall constitute a Union System of FIUs in order to prevent, detect and effectively combat money laundering and terrorist financing in the internal market, and the Union System of FIUs shall perform their tasks and carry out their activities in accordance with this Regulation and applicable Union law.

Where relevant for the fulfilment of the tasks referred to in Sections 3 and 6 of Chapter II, the Authority may participate in existing cooperation arrangements established in one or across several Member States by supervisory authorities, FIUs or other EU institutions, offices, bodies and agencies involved in the AML/CFT framework, where such arrangements involve, inter alia, cooperation and information exchange between the aforementioned authorities and selected obliged entities. In case of national partnerships, participation of the Authority shall be subject to consent of the relevant national authority that has established such arrangement. The Authority shall also participate at an appropriate level in partnerships established across multiple Member States.

Amendment 94

Proposal for a regulation

Article 8880 – paragraph 31

Text proposed by the Commission

Amendment

3. On the occasion of every second evaluation, there shall be an assessment of the results achieved by the Authority having regard to its objectives, mandate and tasks, including an assessment of whether the continuation of the Authority is still justified with regard to these objectives, mandate and tasks. That assessment shall consider that the work carried out by the Authority always involves national home affairs and judicial authorities, as well as several already existing Union agencies, and that its performance therefore depends on the effectiveness of the Union AML/CFT system as a whole;

1. The Authority shall conclude working arrangements with Union institutions, Union decentralised agencies and other Union bodies, acting in the field of law enforcement and judicial cooperation. Those working arrangements may be of a strategic or technical nature, and shall in particular aim to facilitate cooperation and the exchange of information between the parties thereto. Regarding the Coordination and Support Mechanism for EU FIUs of the Authority, the working arrangements shall ensure the mutual involvement in strategic projects carried out by the FIU coordination and support mechanism and other Union bodies involved in the AML/CFT framework, in particular Europol. With the exception of the working arrangement with Europol, the working arrangements shall not form the basis for allowing the exchange of personal data. The working arrangements shall not bind the Union or its Member States.

Amendment 95

Proposal for a regulation

Article 8880 – paragraph ~~3 a (new)~~2

Text proposed by the Commission

Amendment

3a. The evaluation and review of this Regulation shall be coordinated with the evaluation and review of the other files in the comprehensive package aiming at strengthening the Union’s AML/CFT framework, including Directive [please insert reference – proposal for 6th Anti-Money Laundering Directive], Regulation [please insert reference – proposal for a recast of Regulation (EU) 2015/847] and Regulation [please insert reference – proposal for the Anti-Money Laundering Regulation].

2. The Authority shall establish and maintain a close relationship with OLAF, Europol, Eurojust, and the EPPO. To that end, the Authority shall conclude separate working arrangements with OLAF, Europol, Eurojust, and the EPPO setting out the details of their cooperation. With the exception of the working arrangement with Europol, which shall cover operational and strategic information, the relationship shall aim in particular to ensure the exchange of relevant information and trends in relation to money laundering and terrorist financing threats facing the Union.

Amendment 96

Proposal for a regulation

Article 81 – paragraph 1

Text proposed by the Commission

Amendment

1. In order to achieve the objectives set out in this Regulation, and without prejudice to the respective competences of the Member States and the Union institutions, the Authority may develop contacts and enter into administrative arrangements with AML/CFT authorities in third countries that have regulatory, supervisory and FIU-related competences in the field of anti-money laundering and counter terrorism financing as well as with international organisations and third-country administrations. Those arrangements shall not create legal obligations in respect of the Union and its Member States nor shall they prevent Member States and their competent authorities from concluding bilateral arrangements with those third countries.

1. In order to achieve the objectives set out in this Regulation, and without prejudice to the respective competences of the Member States and the Union institutions, bodies agencies and offices, the Authority may develop contacts and enter into administrative arrangements with AML/CFT authorities in third countries that have regulatory, supervisory and FIU-related competences in the field of anti-money laundering and counter terrorism financing as well as with international organisations and third-country administrations. Those arrangements shall not create legal obligations in respect of the Union and its Member States nor shall they prevent Member States and their competent authorities from concluding bilateral arrangements with those third countries.

Amendment 97

Proposal for a regulation

Article 82 – paragraph 5

Text proposed by the Commission

Amendment

5. The Executive Board shall adopt practical measures for applying Regulation (EC) No 1049/2001 and the rules regarding disclosure of information relating to supervisory procedures.

5. The Executive Board shall adopt practical measures for applying Regulation (EC) No 1049/2001 and the rules regarding disclosure of information relating to supervisory procedures. The Authority shall include in its annual report foreseen in Article 72 a detailed section on the implementation of the Regulation for the preceding year.

Amendment 98

Proposal for a regulation

Article 88 – paragraph 1 – introductory part

Text proposed by the Commission

Amendment

1. By 31 December 2028, and every three years thereafter, the Commission shall assess the Authority’s performance in relation to its objectives, mandate, tasks and location(s), in accordance with the Commission's guidelines. The evaluation shall, in particular, address:

Amendment 99

Proposal for a regulation

Article 88 – paragraph 1 – point c

Text proposed by the Commission

Amendment

(c) the impact of the activities related to support and coordination of FIUs, and in particular the coordination of the joint analyses of cross-border activities and transactions conducted by FIUs;

(c) the impact of the activities related to support and coordination of FIUs, and in particular the coordination of the joint analyses of cross-border activities and transactions conducted by FIUs and the successful follow up to those joint analyses in preventing and combating ML and TF;

PROCEDURE – COMMITTEE ASKED FOR OPINION

Date announced in plenary

~~CONT~~

AFCO

~~21.10.2021~~

4.10.2021

Rapporteur for the opinion

Date appointed

Helmut Scholz

27.10.2021

Rule 58 – Joint committee procedure

Discussed in committee

~~31.3.2022~~

26.1.2022

28.2.2022

28.3.2022

Date adopted

~~11.5.2022~~

17.5.2022

Result of final vote

Members present for the final vote

Matteo Adinolfi, Gilles Boyer, Olivier Chastel, Caterina Chinnici, Lefteris Christoforou, Corina Crețu, Ryszard Czarnecki, José Manuel Fernandes, Luke Ming Flanagan, Daniel Freund, Isabel García Muñoz, Monika Hohlmeier, Jean-François Jalkh, Mislav Kolakušić, Joachim Kuhs, Ryszard Antoni Legutko, Claudiu Manda, Alin Mituța, Jan Olbrycht, Younous Omarjee, Markus Pieper, Michèle Rivasi, Sándor Rónai, Petri Sarvamaa, Angelika Winzig, Lara Wolters, Tomáš Zdechovský

Gerolf Annemans, Gabriele Bischoff, Damian Boeselager, Włodzimierz Cimoszewicz, Gwendoline Delbos-Corfield, Pascal Durand, Daniel Freund, Charles Goerens, Sandro Gozi, Brice Hortefeux, Laura Huhtasaari, Victor Negrescu, Giuliano Pisapia, Paulo Rangel, Antonio Maria Rinaldi, Domènec Ruiz Devesa, Jacek Saryusz-Wolski, Helmut Scholz, Pedro Silva Pereira, Antonio Tajani, László Trócsányi, Guy Verhofstadt, Loránt Vincze, Rainer Wieland

Substitutes present for the final vote

~~Katalin Cseh, Viola Von Cramon-Taubadel~~

Jorge Buxadé Villalba, Seán Kelly, Nikolaj Villumsen

FINAL VOTE BY ROLL CALL IN COMMITTEE ASKED FOR OPINION

Renew

Pascal Durand, Charles Goerens, Sandro Gozi, Guy Verhofstadt

S&D

Gabriele Bischoff, Włodzimierz Cimoszewicz, Victor Negrescu, Giuliano Pisapia, Domènec Ruiz Devesa, Pedro Silva Pereira

The Left

Helmut Scholz, Nikolaj Villumsen

Verts/ALE

Damian Boeselager, Gwendoline Delbos-Corfield, Daniel Freund

Gerolf Annemans, Laura Huhtasaari

ECR

Jorge Buxadé Villalba, Jacek Saryusz-Wolski

Antonio Maria Rinaldi

László Trócsányi

PPE

Brice Hortefeux, Seán Kelly, Paulo Rangel, Antonio Tajani, Loránt Vincze, Rainer Wieland

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