Sittings · Document

DRAFT OPINION (COM(2021)0421 – C90340/2021 – 2021/0240(COD)) 2022-03-16

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

Committee on Budgetary Control · Rapporteur: José Manuel Fernandes

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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.

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.

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.

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.

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.

AMENDMENTS

The Committee on Budgetary Control 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 6

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 .

(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 .

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

Or. en

Amendment 2

Proposal for a regulation

Recital 42

Text proposed by the Commission

Amendment

(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.

(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 that the decision-making process in the area of direct supervision of the selected obliged entities is objective and swift, 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.

Or. en

Justification

In line with the changes in the article, this removes the veto right for the Commission, which is not in line with standard practice in agency governance or the Common Approach.

Amendment 3

Proposal for a regulation

Recital 44

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.

(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 a Member of the Executive Board potentially using their position as a Member of the Executive Board of the Authority to get a high-ranking appointment 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, meaning that they will not be able to take up gainful employment in a selected obliged entity or any other role that might give rise to real or perceived conflicts of interest.

Or. en

Justification

To clarify the nature of the cooling-off period for members of the Executive Board.

Amendment 4

Proposal for a regulation

Recital 50

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.

(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.

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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).

Or. en

Justification

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

Amendment 5

Proposal for a regulation

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

Text proposed by the Commission

Amendment

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

Or. en

Justification

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.

Amendment 6

Proposal for a regulation

Article 5 – paragraph 2 – point d a (new)

Text proposed by the Commission

Amendment

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

Or. en

Amendment 7

Proposal for a regulation

Article 5 – paragraph 3 – point g a (new)

Text proposed by the Commission

Amendment

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

Or. en

Amendment 8

Proposal for a regulation

Article 5 – paragraph 4 – point f a (new)

Text proposed by the Commission

Amendment

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

Or. en

Amendment 9

Proposal for a regulation

Article 5 – paragraph 5 – point i a (new)

Text proposed by the Commission

Amendment

(ia) provide adequate training and assistance to FIUs.

Or. en

Amendment 10

Proposal for a regulation

Article 9 – paragraph 2

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.

Or. en

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 11

Proposal for a regulation

Article 10 – paragraph 2 – introductory part

Text proposed by the Commission

Amendment

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

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

Or. en

Amendment 12

Proposal for a regulation

Article 10 – paragraph 3

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.

Or. en

Amendment 13

Proposal for a regulation

Article 11 – paragraph 4

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.

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.

Or. en

Amendment 14

Proposal for a regulation

Article 12 – paragraph 4 – point a

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’);

(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;

Or. en

Justification

The share of beneficiaries of EU funds may be a customer-related risk, in order to protect more effectively the use of EU funds.

Amendment 15

Proposal for a regulation

Article 16 – paragraph 2

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.

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.

Or. en

Amendment 16

Proposal for a regulation

Article 17 – paragraph 1 – introductory part

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.

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.

Or. en

Amendment 17

Proposal for a regulation

Article 28 – paragraph 1

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.

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.

Or. en

Justification

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

Amendment 18

Proposal for a regulation

Article 28 – paragraph 4

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.

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.

Or. en

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 19

Proposal for a regulation

Article 29 – paragraph 2

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.

Or. en

Amendment 20

Proposal for a regulation

Article 32 – paragraph 2 – introductory part

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.

Or. en

Amendment 21

Proposal for a regulation

Article 33 – paragraph 1

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.

Or. en

Amendment 22

Proposal for a regulation

Article 33 – paragraph 3

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.

3. 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.

Or. en

Amendment 23

Proposal for a regulation

Article 33 – paragraph 4

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.

Or. en

Amendment 24

Proposal for a regulation

Article 34 – paragraph 3

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.

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.

Or. en

Amendment 25

Proposal for a regulation

Article 35 – paragraph 1

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.

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.

Or. en

Amendment 26

Proposal for a regulation

Article 36 – paragraph 1 – point b

Text proposed by the Commission

Amendment

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

(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;

Or. en

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 27

Proposal for a regulation

Article 36 – paragraph 2

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.

Or. en

Amendment 28

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.

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.

Or. en

Amendment 29

Proposal for a regulation

Article 43 – paragraph 3 – subparagraph 3

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

Or. en

Amendment 30

Proposal for a regulation

Article 44 – paragraph 3

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).

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).

Or. en

Amendment 31

Proposal for a regulation

Article 46 – paragraph 4

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.

4. The General Board may decide to admit observers. In particular, the General Board in FIU composition shall admit observer representatives of OLAF, Europol, Eurojust and the EPPO to its meetings if they 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.

Or. en

Amendment 32

Proposal for a regulation

Article 52 – paragraph 7 – introductory part

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 three 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:

Or. en

Amendment 33

Proposal for a regulation

Article 68 – paragraph 7

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.

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.

Or. en

Amendment 34

Proposal for a regulation

Article 68 – paragraph 8

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.

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.

Or. en

Amendment 35

Proposal for a regulation

Article 75 – 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.

Or. en

Amendment 36

Proposal for a regulation

Article 80 – paragraph 1

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.

Or. en

Amendment 37

Proposal for a regulation

Article 88 – paragraph 1 – introductory part

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:

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:

Or. en

Amendment 38

Proposal for a regulation

Article 88 – paragraph 2 – point c

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, in particular whether it is appropriate for the EU FIUs’ Platform to become a Union-level FIU, replacing national FIUs, and 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;

Or. en

Justification

The European Banking Authority recently found (Report on Risk Assessment on Luanda Leaks, February 2022) that the competent authorities' approaches to identify and tackle ML/TF risks differed significantly and varied beyond what the EBA would have expected under a risk-based approach, and action was not taken in many cases. This suggest that there is a risk that relevant risk exposures may not have been detected. EBA findings also suggest that existing cooperation channels were not fully used. An EU-level FIU may be able to address these shortcomings more successfully.