As with the directive on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing (see EUROPE 12965/28), MEPs are being ambitious with regard to the proposed directive establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA). This was the main conclusion from the debate held on Wednesday 15 June on the draft report by Luis Garicano (Renew Europe, Spain) and Emil Radev (EPP, Bulgaria).
Mr Garicano and Mr Radev suggested no less than 199 amendments to strengthen the European Commission's original proposal – measures that were welcomed by their colleagues. “The Commission’s proposal was not bad, but was not ambitious enough”, said Garicano.
The co-rapporteurs are focussing on the seat, the scope of direct supervision, indirect supervision, and the exchange of information between national authorities.
With regard to the future seat of the AMLA, the rapporteurs want to lay down important criteria for determining the city that will host the AMLA. To “treat the subject objectively”, according to Mr Garicano.
With regard to direct supervision, the rapporteurs are proposing new filters to extend the scope of supervision – to include crypto-assets – and want to lower the thresholds to increase the number of entities to be supervised from 12 to 40.
Like other MEPs, Isabel Benjumea (EPP, Spain) would like to see the scope defined according to the ‘risk’ factor “which should take precedence over ‘size’ or ‘presence’ by creating proportionality around the risk”.
Regarding indirect supervision, MEPs want to set up legally binding mediation in the event of a disagreement between national competent authorities. They have defined clear tasks to ensure that it is the AMLA Executive Board that makes the decision, not the Member States.
Finally, regarding the exchange of information, “to fill the huge holes in the initial proposal” according to Mr Garicano, they opted to standardise information that can be compared by following a standard model. “The exchange of information is crucial”, said Mr Radev, “we need common and very high standards of supervision”. He therefore proposed taking the inherent and residual risks into account.
Ramona Strugariu (Renew Europe, Romania), for her part, insisted on the budgetary aspect. “If we want a fully functioning authority, we also have to equip it with the resources that it needs and make sure it is properly financed according to its tasks and responsibilities”, she said.
Amendments to the draft report have to be tabled by Friday 24 June.
In parallel, the legislative proposal will be discussed at the Ecofin Council on Friday 17 June in Luxembourg (see other article).
To read the report by Mr Garicano and Mr Radev: https://aeur.eu/f/25d (Original version in French by Anne Damiani)