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DRAFT OPINION (COM(2021)0429 – C90338/2021 – 2021/0244(COD))

On the proposal for a directive of the European Parliament and of the Council amending Directive (EU) 2019/1153 of the European Parliament and of the Council, as regards access of competent authorities to centralised bank account registries through the single access point

ECON-PA-700736

Committee on Economic and Monetary Affairs · Rapporteur: Inese Vaidere

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The Committee on Economic and Monetary Affairs gives its opinion on the Commission proposal to amend Directive (EU) 2019/1153 on access by competent authorities to centralised bank account registries through the single access point. The rapporteur welcomes the proposal and proposes to accept it without amendments. The proposal would let designated law enforcement authorities (Financial Intelligence Units) access and search centralised bank account registries via the single access point, in line with Article 14(3) of the proposal for the 6th AML Directive. The committee calls on the Committee on Civil Liberties, Justice and Home Affairs to propose that Parliament adopt its position at first reading, taking over the Commission proposal.

Committee position. The rapporteur welcomes the Commission proposal and proposes to accept it without amendments. The committee calls on the Committee on Civil Liberties, Justice and Home Affairs to propose that Parliament adopt its position at first reading, taking over the Commission proposal.

Key points

  1. The rapporteur welcomes the Commission proposal to amend Directive (EU) 2019/1153 on access of competent authorities to centralised bank account registries through the single access point.
  2. The Commission says around one percent of the Union's GDP (EUR 160 billion) is annually involved in suspect financial activity, including money laundering, terrorist financing and other illicit activities.
  3. Europol reports that only around one percent of estimated criminal profits are confiscated.
  4. Parliament has repeatedly called for a less fragmented and more efficient regulatory landscape across the EU in the field of anti-money laundering (AML).
  5. The proposal is part of a broader set of AML and counter-terrorist financing measures and offers a concrete part of the toolbox to improve the fight against illegal activities in the Union.
  6. It provides designated law enforcement authorities (Financial Intelligence Units) with the possibility to access and search the centralised bank account registries via the single access point, in line with Article 14(3) in the proposal for the 6th AML Directive.
  7. The rapporteur proposes to accept the Commission proposal without amendments.
  8. The Committee on Economic and Monetary Affairs calls on the Committee on Civil Liberties, Justice and Home Affairs, as the committee responsible, to propose that Parliament adopt its position at first reading, taking over the Commission proposal.

Who is affected

  • Designated law enforcement authorities (Financial Intelligence Units), which would be able to access and search centralised bank account registries via the single access point.
  • The Committee on Civil Liberties, Justice and Home Affairs, which is asked to propose that Parliament adopt its position at first reading, taking over the Commission proposal.

Figures and deadlines

  • around one percent of the Union's GDP (EUR 160 billion) is annually involved in suspect financial activity
  • only around one percent of the estimated criminal profits are confiscated