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MOTION FOR A RESOLUTION (C(2024)1754) – 2024/2688(DEA))

On the Commission delegated regulation of 14 March 2024 amending Delegated Regulation (EU) 2016/1675 as regards adding Kenya and Namibia to the table in point I of the Annex and deleting Barbados, Gibraltar, Panama, Uganda and the United Arab Emirates from that table

B-9-2024-0222

on behalf of the PPE Group · Rapporteur: José Manuel GarcíaMargallo y Marfil, Isabel Benjumea Benjumea, Javier Zarzalejos, Luděk Niedermayer

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Parliament objects to the Commission delegated regulation of 14 March 2024 that adds Kenya and Namibia to the EU list of high-risk third countries and removes Barbados, Gibraltar, Panama, Uganda and the United Arab Emirates from it. It says the delegated regulation cannot enter into force and asks the Commission to submit a new delegated act addressing its concerns. Parliament argues the Commission should carry out its own assessment of high-risk third countries rather than rely only on the Financial Action Task Force, and should consider sanctions evasion as a money-laundering risk. It points to evidence that the United Arab Emirates, Gibraltar and Panama facilitate or fail to address evasion of sanctions on Russia, and that entities based in the United Arab Emirates are linked to laundering and arms supplies in Sudan. It notes civil society concerns about the United Arab Emirates' anti-money laundering framework and says delisting the country may not protect the integrity of the EU financial system given the internal market's high exposure to it.

Key points

  1. Parliament objects to the Commission delegated regulation of 14 March 2024 amending Delegated Regulation (EU) 2016/1675.
  2. It instructs its President to notify the Commission that the delegated regulation cannot enter into force.
  3. It calls on the Commission to submit a new delegated act taking account of its concerns.
  4. It says the Commission's assessment of high-risk third countries must be autonomous, comprehensive and unbiased, based on the criteria in Article 9(2) of Directive (EU) 2015/849.
  5. It expects the Commission not to rely solely on Financial Action Task Force assessments but to consider the specific vulnerabilities of the internal market.
  6. It says a country delisted by the Financial Action Task Force stays on the EU list until it is established that it meets EU removal criteria, with assurances it no longer poses a high risk to the internal market.
  7. It considers the list of criteria in Article 9(2) of Directive (EU) 2015/849 non-exhaustive, so predicate offences such as sanctions evasion should be taken into account.
  8. It cites evidence that the United Arab Emirates, Gibraltar and Panama fail to address or facilitate evasion of sanctions on Russia, including US sanctions on entities based in the United Arab Emirates and suspected evasion of the G7 oil cap via Panama.
  9. It cites indications that the United Arab Emirates plays a role in cash-for-gold schemes providing Russia with banknotes banned under Council Regulation (EU) 833/2014.
  10. It cites a UN Panel of Experts report finding that entities based in the United Arab Emirates launder proceeds from Sudan's gold mines and supply arms to Sudanese entities, in violation of sanctions.
  11. It notes civil society concerns that the United Arab Emirates remains a major provider of financial secrecy and has a poor record on investigations, prosecutions and information exchange.
  12. It says that, despite improvements, delisting the United Arab Emirates may not protect the integrity of the EU financial system given the internal market's high exposure to it, and a more thorough assessment is needed.

Who is affected

  • The Commission: Parliament objects to its delegated regulation and asks for a new delegated act.
  • The United Arab Emirates: Parliament questions its removal from the EU list of high-risk third countries.
  • Barbados, Gibraltar, Panama and Uganda: Parliament objects to their removal from the EU list.
  • Kenya and Namibia: Parliament objects to the delegated regulation that adds them to the EU list.
  • EU obliged entities under Directive (EU) 2015/849: they apply enhanced customer due diligence for listed high-risk third countries.

Figures and deadlines

  • EUR 49 billion: volume of bilateral trade between the Union and the United Arab Emirates in 2022.
  • 27 %: annual increase in that bilateral trade.
  • EUR 277 billion: combined bilateral foreign direct investment in 2021.
  • 23 February 2024: date the Financial Action Task Force removed the United Arab Emirates from its list of countries under enhanced monitoring.
  • 14 March 2024: date the Commission adopted the delegated regulation.
  • 12 December 2023: date of US Executive Order 14024 imposing sanctions on entities based in the United Arab Emirates.
  • 15 January 2024: date of final report S/2024/65 by the UN Panel of Experts on the Sudan.

Legal basis: Article 290 of the Treaty on the Functioning of the European Union.