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DRAFT 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

CONT-PA-719717

Committee on Budgetary Control · Rapporteur: José Manuel Fernandes

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The Committee on Budgetary Control's draft opinion responds to the proposed regulation establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism. It welcomes the Authority and proposes 38 amendments to strengthen transparency, governance, training, information exchange and the role of Europol, OLAF, EPPO and financial intelligence units. The amendments add training and assistance tasks for selected obliged entities, supervisors and financial intelligence units; give the Authority powers to propose thematic reviews, mutual assistance and joint analyses; and widen its information-sharing and investigation powers. They remove the Commission's veto over Executive Board decisions, introduce a cooling-off period, require follow-up reports on financial supervisors, make FIU staff delegation mandatory, and require the Authority to publish reasons when supervisors do not comply with guidelines. The amendments also require the Authority to provide technical advice on request, admit OLAF, Europol, Eurojust and EPPO as observers, and bring forward the Commission's evaluation to 31 December 2028, including whether the EU FIUs' Platform should become a Union-level FIU.

Committee position. The Committee on Budgetary Control calls on the Committee on Economic and Monetary Affairs and the Committee on Civil Liberties, Justice and Home Affairs to take into account 38 amendments to the proposed regulation. The amendments aim to improve transparency and governance, reinforce financial intelligence units, and clarify the role of the European Court of Auditors and the discharge procedure.

Key points

  1. The draft opinion welcomes the establishment of the Authority for Anti-Money Laundering and Countering the Financing of Terrorism as addressing identified shortcomings in EU-level action against money laundering and terrorist financing.
  2. It proposes that the Authority be established and governed in accordance with the principles of the Joint Statement and Common Approach on decentralised agencies.
  3. It removes the Commission's consent requirement for Executive Board decisions on budget administration, procurement, recruitment and audit, and removes the Commission's veto right.
  4. It introduces a cooling-off period for the five Executive Board members and the Chair, barring gainful employment in a selected obliged entity or roles creating conflicts of interest.
  5. It adds cooperation with the European Public Prosecutor's Office and the effectiveness of European Anti-Fraud Office investigations to the rules on the Authority's budget and annual accounts.
  6. It requires the Authority to provide adequate training and assistance to selected obliged entities, financial and non-financial supervisors, and financial intelligence units.
  7. It allows the Chair to issue opinions on gaps in thematic reviews, the General Board to recommend reviews, and supervisory authorities to reply in writing before 31 October of the following year.
  8. It lets the Authority identify areas of interest and invite supervisory authorities to request mutual assistance, and allows EPPO, OLAF and Europol to request information on a need-to-know and confidential basis.
  9. It adds the share of beneficiaries of Union funds to customer-related risk factors, requires persons to cooperate without undue delay, and extends investigations to other entities of the same group.
  10. It allows a financial supervisor to be assessed more than once per cycle, requires follow-up reports two years after assessment publication, and gives Authority staff full participation rights in on-site inspections.
  11. It requires the Authority to issue follow-up reports on joint analyses, makes FIU staff delegation mandatory, and adds secondment of Authority staff to national FIUs.
  12. It requires the Authority to publish reasons for non-compliance with guidelines, requires obliged entities to report compliance, and requires technical advice upon request from Parliament, Council or Commission.

Who is affected

  • Selected obliged entities, financial and non-financial supervisors, and financial intelligence units, which would receive training and assistance from the Authority.
  • Executive Board members and the Chair, who would face a cooling-off period after leaving office.
  • Financial supervisors, which would be assessed by the Authority and must report on follow-up measures.
  • National financial intelligence units, which would have to delegate one staff member to the Authority.
  • EPPO, OLAF, Europol and Eurojust, which would be admitted as observers and may be asked for support.

Figures and deadlines

  • Assessment cycle shall not exceed seven years.
  • Follow-up report two years after publication of the assessment.
  • Joint analysis launched within 20 days of the initial notification.
  • FIUs invited to take part in joint analysis within five days of the initial notification.
  • Written reply before 31 October of the following year.
  • Cooling-off period of one year for members of the Executive Board and three years for the Chair.
  • Discharge given before 15 May of year N + 2.
  • Commission evaluation by 31 December 2028, and every five years thereafter.