Negotiations between the European Parliament and the EU Council on the regulation that will shape the future European Anti-Money Laundering Authority (AMLA) are progressing, according to a document dated Friday 20 October and obtained by EUROPE.
The question of the AMLA’s seat is currently the subject of a procedure (see EUROPE 13217/17), but this is not preventing the institutions from making progress on the content of the text that will govern it (see EUROPE 13259/10), since certain compromises have been reached. This text amends the supervisory rules, which will strengthen cooperation between Member States’ supervisory authorities and financial intelligence units (FIUs).
Regarding the peer reviews of supervisors in the non-financial sector to be carried out by the AMLA, they agreed that the Authority should develop the methodological framework for these reviews, including rules to avoid any conflict of interest in the conduct of peer reviews. It will also publish reports containing its conclusions and recommendations to the relevant public authorities.
As requested by the European Parliament, the Authority will contribute to representing the EU and defending its interests in international fora, such as the Financial Action Task Force (FATF) on money laundering.
With regard to Article 6, which defines the AMLA’s powers, the negotiators supported the EU Council’s position, which confers on the AMLA the powers and obligations incumbent on financial supervisory authorities under EU law.
On the central database, the negotiators have aligned themselves with the European Parliament’s position. The AMLA will have to draw up draft regulatory technical standards specifying the weaknesses targeted and also indicating the format, the transmission procedure and the information included. It must also define the procedures for ensuring the effectiveness, confidentiality and protection of personal data, specifying the types of data and the purposes for which personal data is processed and collected. Draft regulatory technical standards will have to be submitted to the European Commission.
Article 15, which focuses on joint supervisory teams, has also been amended in line with the EU Council’s mandate. Thus, each financial supervisor that appoints more than one staff member to the joint supervisory team may designate one of them as national sub-coordinator. They will assist the main coordinator in organising and coordinating tasks within the joint supervisory team.
Finally, as requested by the European Parliament, the negotiators agreed to promote and facilitate harmonious cooperation between the AMLA and Europol, Eurojust and the European Public Prosecutor’s Office, by giving the possibility of posting liaison officers at each other’s premises, and lay down conditions to that end.
Trilogues are planned for November.
To read the negotiation document: https://aeur.eu/f/9bv (Original version in French by Anne Damiani)