Negotiations between the European Parliament and the EU Council on the revision of the ‘AMLD6’ directive governing the fight against money laundering (see EUROPE 13151/15) are focusing on beneficial ownership registers, according to a document dated Tuesday 17 October obtained by EUROPE.
Agreement has already been reached on many points in the revision, including the chapters on anti-money laundering surveillance, cooperation and data protection.
Certain general provisions have also been agreed. With regard to the assessment of money laundering and terrorist financing risks, for example, the negotiators agreed that this should also be carried out on legal persons and foreign legal arrangements, as suggested by the European Parliament.
They also decided that the future European Anti-Money Laundering Authority (AMLA), which is also the subject of interinstitutional negotiations (see EUROPE 13282/7), may issue opinions or updates of its previous opinions more frequently, when it deems it appropriate. Opinions issued by the AMLA are made public, with the exception of parts containing classified information.
So it was Chapter II on beneficial ownership registers that was discussed at length at the latest meetings, particularly the one on Tuesday 24 October, according to a source contacted the following day. These registers enable Financial Intelligence Units (FIUs) to identify the beneficial owners of bank accounts, legal entities and legal arrangements, as well as real estate. The idea is that this information can be circulated between Member States’ FIUs.
At the request of the European Parliament, where there is reason to doubt the accuracy of the information on beneficial owners held by central registers, the entities in charge of central registers would be empowered to request from the legal entities and natural persons concerned any risk-sensitive information and documents necessary to identify and verify their beneficial owners.
With regard to the specific rules for public access to beneficial owners’ registers, it has been decided that the central European platform will serve as a central search service, making available all information relating to beneficial ownership. Competent authorities, the AMLA, self-regulatory organisations and entities subject to obligations may carry out searches of information relating to beneficial owners. The search criteria have also been harmonised.
The next negotiation meeting is scheduled for mid-November.
To read the document: https://aeur.eu/f/9d8 (Original version in French by Anne Damiani)