Strasbourg, 13/07/2006 (Agence Europe) - On 6 July, the EP adopted the report by Alexander Alvaro (ALDE, Germany) on the proposal of regulation relating to information concerning initiators of bank transfers. It introduces a minimum threshold of €1,000 after which an electronic transfer of money should contain information regarding the identity of the payer, information that will be made available to the bank receiving the transfer. During the vote, the ALDE Group preferred not to mark its wish to wait for the results of the inquiries being made by the Belgian authorities in the affair involving Swift, the interbanking cooperative that has passed on financial details regarding their clients to the American secret services (see EUROPE 9227).
MEPs adopted the amendments of the compromise by the ALDE, EPP-ED and PES Groups. As far as scope is concerned, they mainly recommend that the regulation apply to money transfers made electronically for amounts over €1,000. Such a derogation takes up the provisions of Directive 2005/60/EC, the so-called 3rd directive on capital laundering and is in line with the recommendation of the Financial Action Task Force (FATF) on money laundering. When a payment service provider regularly omits to provide information required on the payer, the financial establishment of the beneficiary should, according to the EP, first of all issue warnings against the payer's bank and fix deadlines. Then, it may decide to refuse all further payments and limit its commercial relations with this payment service provider, if not put an end to all relations. The EP asks for the sanctions applied in the event of breach of the regulation (as determined by Member States) to be notified by 14 December 2007 at the latest, to take effect the following day. The Commission's initial proposal recommended notification by end 2006 at the latest. MEPs are introducing a review clause five years after the entry into force of the regulation.
Charlie McCreevy, European Internal Market Commissioner, states that this vote is an important step towards their goal of blocking terrorist funding and translates the EU's determination to fully participate in the international effort to combat terrorism. He now invites the Council to give its agreement as soon as possible.