On Monday 4 December, the European Parliament’s committees for economic and monetary affairs (ECON) and civil liberties (LIBE) adopted their negotiating position on the draft regulation to strengthen controls on cash flows entering and exiting the European Union (see EUROPE 11694).
It should be recalled that the draft regulation was presented as part of the European action plan to tackle funding for terrorism (see EUROPE 11481) and extends to other payment instruments and methods (cheques, precious metals such as gold, prepaid cards) the obligation of customs declarations for sums above €10,000, which are currently in force. Its scope now includes unaccompanied cash by postal or freight parcel deliveries.
The joint report by Mady Delvaux (S&D, Luxembourg), for the ECON committee and Juan Fernando López Aguilar (S&D, Spain) for the LIBE committee was adopted by very large majority (55 votes for, 3 against and 4 abstentions) and allows for the authorities to temporary seize cash amounts below a €10,000 threshold if criminal activities are suspected.
MEPs also agreed to shorten the data transmission deadlines between the authorities responsible to three working days instead of one month, in order to improve the effectiveness of investigations. They also call on the Commission to examine the possibility of creating a financial intelligence cell at a Union level by 2019, in an effort to facilitate the transmission of information collected by national cells without delay.
MEPs also call on the Commission to draw up legislation for developing a raft of sanctions resulting from cash controls in the member states, in an attempt to prevent “forum shopping”.
The Council adopted its position last June (see EUROPE 11818), which means that once Parliament's approach has been ratified by the plenary and the mandate agreed by the latter, inter-institutional negotiations can commence. (Original version in French by Marion Fontana)