The MEPs of the committees on civil liberties and economic and monetary affairs got what they wanted in their vote, on the morning of Tuesday 28 October, on their negotiating position on the anti-money laundering directive, which was proposed largely in response to the Panama Papers scandal. Most of the amendments tabled by the ALDE-S&D-GUE/NGL and Greens/EFA coalition were adopted.
The compromise amendment providing for information on the beneficial owners of shell companies and all trusts (including family trusts) to be published in line with the data protection rules was also adopted.
Readers may recall that this provision was proposed in July this year in response to the Panama Papers scandal. However, the Council considered that this measure was disproportionate and agreed on access to this information for persons able to prove a legitimate interest (see EUROPE 11693).
An amendment which was not the subject of a compromise between the two co-rapporteurs, but which was adopted all the same, provides for the threshold to be considered a beneficial owner to be lowered (10% of the shares in the entity rather than 25%). This was also the case with the Commission's calls to present a legislative proposal to create a European financial intelligence cell. Such a cell would make it possible to coordinate the fight against financial crime by means of exchanges of information, joint analyses and permanent coordination with the national cells.
There is, furthermore, a clear agreement in favour of tighter sanctions for those who infringe the directive, explained the co-rapporteur on the dossier, Judith Sargentini (Greens/EFA, Netherlands). The other rapporteur, Latvia's Krišjānis Kariņš (EPP), reiterated that the directive also provided for tougher measures regarding virtual currencies and anonymous prepaid cards.
Civil society applauds
On behalf of the network Eurodad, Tove Maria Ryding explained that Parliament's vote would show that the MEPs were committed to putting an end to the kind of “scandals that were exposed in the Panama Papers”.
Emily Wigens, Director of ONE, called upon the member states to ensure that the strong position adopted on Tuesday is carried during negotiations and to demonstrate the EU's continued leadership in tackling corruption. (Original version in French by Élodie Lamer)