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OPINION (COM(2021)0421 – C90340/2021 – 2021/0240(COD))

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

BUDG-AD-719588

Committee on Budgets · Rapporteur: Niclas Herbst

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The Committee on Budgets gives its opinion on the proposed regulation setting up the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA). It proposes amendments on the agency's budget, fees, governance, transparency, scrutiny and evaluation. It wants AMLA resourced to match its tasks, with autonomy over contract agent recruitment, fees set to give stable revenue and predictability for the EU budget, and transparency on all revenue. It seeks to remove the Commission's veto over administrative and budgetary decisions, strengthen parliamentary scrutiny of programming and the Chair's appointment, and require a five-yearly performance assessment. The amendments also add monitoring of asset freezes and crypto-asset transfers, on-site visits to Financial Intelligence Units, and a two-year cooling-off period for Executive Board members.

Committee position. The Committee on Budgets welcomes the proposal's aims but leaves policy substance to the lead committees. It proposes amendments on financial provisions, governance, transparency, parliamentary scrutiny and evaluation, and calls on the lead committees to take them into account.

Key points

  1. The Committee on Budgets calls on the Committee on Economic and Monetary Affairs and the Committee on Civil Liberties, Justice and Home Affairs to take its amendments into account.
  2. It proposes that AMLA monitor and support implementation of asset freezes under Union restrictive measures, with attention to crypto-asset transfers.
  3. It proposes that AMLA organise on-site visits in Member States to support and guide Financial Intelligence Units.
  4. It proposes that the Authority be established and governed in line with the Joint Statement and Common Approach on decentralised agencies, and that the seat decision consider geographical spread.
  5. It proposes removing the Commission's consent requirement for Executive Board decisions on budget administration, procurement, recruitment and audit, leaving it a voting right.
  6. It proposes that the Executive Board adopt the Single Programming Document after consulting Parliament, and justify any departure from Parliament's or the Commission's views.
  7. It proposes that the Chair be appointed after an open procedure, with candidates appearing before the Council and Parliament, and Parliament's consent required.
  8. It proposes a two-year cooling-off period barring former Executive Board members from gainful activity with selected obliged entities.
  9. It proposes that the Commission assess AMLA's performance every five years, including whether its financial and human resources are adequate.
  10. It proposes that every second evaluation include a thorough review of results, the Union Anti-Money Laundering system and cooperation with other bodies.
  11. It proposes that fees be calculated to ensure sufficient and stable revenue, and that the amount and origin of revenue be detailed in annual accounts and reports.
  12. It proposes that the Authority have autonomy over contract agent recruitment and the requisite human and financial resources.

Who is affected

  • AMLA: would gain autonomy over contract agent recruitment and lose the Commission's veto over administrative and budgetary decisions.
  • Obliged entities: would pay fees calculated to ensure sufficient and stable revenue for the Authority.
  • Financial Intelligence Units: would receive on-site visits and support from the Authority.
  • Former Executive Board members: barred for two years from gainful activity with selected obliged entities.
  • European Parliament: would be consulted on multiannual programming and give consent to the Chair's appointment.

Figures and deadlines

  • around 1% of the EU's GDP is involved in suspect financial activity, according to Europol.
  • AMLA would have estimated annual outgoings of EUR 45.6 million and a staff of 250.
  • 75% of the agency's revenue would come from fees and 25% from the EU budget.
  • AMLA would need to be fully resourced by the end of 2025 to begin direct supervision in early 2026.
  • The Executive Board would have five full-time members and the Chair.
  • The term of office of the five Executive Board members would be four years, renewable once.
  • The cooling-off period for former Executive Board members would be two years.
  • The Commission would assess the Authority's performance at five-yearly intervals.

Legal basis: Article 114 TFEU