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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

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Committee on Budgetary Control · Rapporteur: José Manuel Fernandes

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The Committee on Budgetary Control gives its opinion on the proposed regulation setting up the Authority for Anti-Money Laundering and Countering the Financing of Terrorism. It proposes amendments to the Commission's text. The amendments strengthen the Authority's transparency and governance, and give a bigger role to Europol, OLAF and the EPPO. They reinforce the role of financial intelligence units, including training, assistance and joint analyses of cross-border cases. They also cover the role of the European Court of Auditors and the discharge procedure for the Authority's budget.

Committee position. The Committee on Budgetary Control proposes amendments to the Commission's proposal, focusing on transparency and governance, a stronger role for Europol, OLAF and the EPPO, reinforcement of financial intelligence units, and the role of the European Court of Auditors and the discharge procedure.

Key points

  1. The opinion welcomes the new Authority as a response to weaknesses found in EU action against money laundering and terrorist financing.
  2. It calls on the committees responsible to take its amendments into account.
  3. It adds to the recitals that the Authority should ensure cohesion and coordination between Union bodies in the AML/CFT framework to avoid overlaps.
  4. It adds that the Authority should have an autonomous financial intelligence capability, and that a Union System of FIUs might be set up after a Commission review.
  5. It requires each national FIU to delegate one staff member to the Authority, and adds secondments of Authority staff to national FIUs.
  6. It requires the Authority to keep FIU.net a decentralised computer network and to have dedicated staff to ensure its functioning and security.
  7. It requires the Executive Board members to be appointed from a gender-balanced shortlist after European Parliament approval, and sets a cooling-off period of one year for members and two years for the Chair.
  8. It adds that the Authority should establish a Union interconnected register of assets identifying beneficial owners, and should monitor asset freezes including virtual assets and cryptocurrencies.
  9. It adds that the Authority should provide training and assistance to selected obliged entities, financial and non-financial supervisors, and FIUs.
  10. It requires the Authority to issue follow-up reports on joint analyses and to publish the findings of peer reviews, guidelines and recommendations.
  11. It requires the Authority to conclude working arrangements with OLAF, Europol, Eurojust and the EPPO by the end of 2024, and to accede to the OLAF Interinstitutional Agreement by the end of 2024.
  12. It moves the Commission's evaluation of the Authority to 31 December 2028 and adds the effectiveness of its anti-fraud measures to the review.

Who is affected

  • The Authority for Anti-Money Laundering and Countering the Financing of Terrorism: its governance, tasks, staffing and budget.
  • National financial intelligence units: they must delegate one staff member and may receive Authority staff.
  • Financial and non-financial supervisors: they receive training, assistance and follow-up assessments.
  • Selected obliged entities: they receive training and assistance, and are subject to investigations.
  • OLAF, Europol, Eurojust and the EPPO: they get observer status and working arrangements with the Authority.

Figures and deadlines

  • Five days from the initial notification for the Authority to invite FIUs to a joint analysis.
  • 20 days from the initial notification for the joint analysis to be launched.
  • One year cooling-off period for members of the Executive Board after ceasing to hold office.
  • Two years cooling-off period for the Chair of the Authority after ceasing to hold office.
  • Assessment cycle for financial supervisors shall not exceed seven years.
  • By 31 December 2028, and every five years thereafter, the Commission shall assess the Authority's performance.
  • By the end of 2024, the Authority shall have acceded to the OLAF Interinstitutional Agreement and concluded working arrangements with OLAF, Europol, Eurojust and the EPPO.
  • By 1 October each year the Executive Director shall submit follow-up information on discharge recommendations to the European Parliament.