In the forthcoming inter-institutional negotiations on the revision of the anti-money laundering directive, the European Parliament may well put the publication of information on beneficial owners back on the table. Readers may recall that this provision was proposed in July of last year in response to the Panama Papers scandal. However, the Council took the view that the measure was disproportionate and decided upon access to this information for persons able to demonstrate a legitimate interest (see EUROPE 11693).
The compromise amendment of Parliament's rapporteurs, Judith Sargentini (Greens/EFA, Netherlands) and Krišjānis Karinš (EPP, Latvia), on which the MEPs of the committees on civil liberties and economic affairs will vote this Tuesday 28 February, states that the information in question should be made public in line with data protection.
In exceptional cases, when access to the information may expose the beneficial owner to risks of fraud, kidnapping, violence or blackmail, member states could include an exception to the rule of compulsory publication for some or all of the information on these beneficial owners on a case-by-case basis.
The two rapporteurs did not manage to agree on everything. Certain aspects were tabled by a coalition of the S&D, ALDE, Greens/EFA and GUE/NGL groups. Various amendments, which were not the subject of a compromise but which will be put to a vote, provide, amongst other things, for the threshold to be considered a beneficial owner to be lowered (10% of the shares in an entity rather than 25%).
This coalition of political groups hopes that their proposed amendment calling upon the Commission to present a legislative proposal aiming to create a European financial intelligence cell will also be approved. A cell of this kind would make it possible to coordinate the fight against financial crime by means of exchanges of information, joint analysis and permanent coordination with the national cells.
On these last two aspects, it is not yet certain that the necessary majority will be rallied to allow these amendments to be adopted. (Original version in French by Élodie Lamer)