BETA

19 Amendments of Beatrix von STORCH related to 2016/0208(COD)

Beatrix von STORCH

Proposal for a directive
Recital 6

(6) Providers of exchange services between virtual currencies and fiat currencies (that is to say currencies declared to be legal tender) as well as custodian wallet providers for virtual currencies are under no obligation to identify suspicious activity. Terrorist groups are thus able to transfer money into the Union's financial system or within virtual currency networks by concealing transfers or by benefiting from a certain degree of anonymity on those platforms. It is therefore essential to extend the scope of Directive (EU) 2015/849 so as to include virtual currency exchange platforms and custodian wallet providers. Competent authorities should be able to monitor the use of virtual currencies. This would provide a balanced and proportional approach, safeguarding technical advances and the high degree of transparency attained in the field of alternative finance and social entrepreneurship.deleted

2016/12/19
Committee: ECON LIBE

Beatrix von STORCH

Proposal for a directive
Recital 7

(7) The credibility of virtual currencies will not rise if they are used for criminal purposes. In this context, anonymity will become more a hindrance than an asset for virtual currencies taking up and their potential benefits to spread. The inclusion of virtual exchange platforms and custodian wallet providers will not entirely address the issue of anonymity attached to virtual currency transactions, as a large part of the virtual currency environment will remain anonymous because users can also transact without exchange platforms or custodian wallet providers. To combat the risks related to the anonymity, national Financial Intelligence Units (FIUs) should be able to associate virtual currency addresses to the identity of the owner of virtual currencies. In addition, the possibility to allow users to self- declare to designated authorities on a voluntary basis should be further assessed.deleted

2016/12/19
Committee: ECON LIBE

Beatrix von STORCH

Proposal for a directive
Article 1 – paragraph 1 – point 1

Directive 2015/849/EU
Article 2 – paragraph 1 – point 3 – point g

(g) providers engaged primarily and professionally in exchange services between ~~virtual currencies and fiat~~ currencies;

2016/12/19
Committee: ECON LIBE

Beatrix von STORCH

Proposal for a directive
Article 1 – paragraph 1 – point 1

Directive 2015/849/EU
Article 2 – paragraph 1 – point 3 – point h

~~(h) wallet providers offering custodial services of credentials necessary to access virtual currencies;~~deleted

2016/12/19
Committee: ECON LIBE

Beatrix von STORCH

Proposal for a directive
Article 1 – paragraph 1 – point 2 – point c

Directive 2015/849/EU
Article 3 – point 18

(c) the following point (18) is added: (18) 'virtual currencies' means a digital representation of value that is neither issued by a central bank or a public authority, nor necessarily attached to a fiat currency, but is accepted by natural or legal persons as a means of payment and can be transferred, stored or traded electronically.;deleted

2016/12/19
Committee: ECON LIBE

Beatrix von STORCH

Proposal for a directive
Article 1 – paragraph 1 – point 3 – point a – point i

Directive 2015/849/EU
Article 12 – paragraph 1 – point a

(a) the payment instrument is not reloadable, or has a maximum monthly payment transactions limit of EUR 1250 ~~which can be used only in that Member State~~;

2016/12/19
Committee: ECON LIBE

Beatrix von STORCH

Proposal for a directive
Article 1 – paragraph 1 – point 3 – point a – point i

Directive 2015/849/EU
Article 12 – paragraph 1 – point b

(b) the maximum amount stored electronically does not exceed EUR 1250;

2016/12/19
Committee: ECON LIBE

Beatrix von STORCH

Proposal for a directive
Article 1 – paragraph 1 – point 4

Directive 2015/849/EU
Article 13 – paragraph 1 – point a

(4) in Article 13(1), point (a) is replaced by the following: ‘ (a) identifying the customer and verifying the customer's identity on the basis of documents, data or information obtained from a reliable and independent source, including, where available, electronic identification means as set out in Regulation (EU) No 910/2014*; _______________ * Regulation (EU) No 910/2014 of the European Parliament and the Council of 23 July 2014 on electronic identification and trust services for electronic transactions in the internal market and repealing Directive 1999/93/EC (OJ L 257, 28.8.2014, p. 73). ’deleted

2016/12/19
Committee: ECON LIBE

Beatrix von STORCH

Proposal for a directive
Article 1 – paragraph 1 – point 12

Directive 2015/849/EU
Article 32 a – paragraph 1

1. Member States shall put in place ~~automated centralised~~ mechanisms, such as ~~central~~ registries or ~~central~~ electronic data retrieval systems, which allow the identification, in a timely manner, of any natural or legal persons holding or controlling payment accounts as defined in Directive 2007/64/EC and bank accounts held by a credit institution within their territory. Member States shall notify the Commission of the characteristics of those national mechanisms.

2016/12/19
Committee: ECON LIBE

Beatrix von STORCH

Proposal for a directive
Article 1 – paragraph 1 – point 12

Directive 2015/849/EU
Article 32 a – paragraph 2

2. Member States shall ensure that the information held in the ~~centralised~~ mechanisms referred to in paragraph 1 is directly accessible, at national level, to FIUs and competent authorities for fulfilling their obligations under this Directive. Member States shall ensure that any FIU is able to provide information held in the ~~centralised~~ mechanisms referred to in paragraph 1 to any other FIUs in ~~a timely manner in~~ accordance with Article 53.

2016/12/19
Committee: ECON LIBE

Beatrix von STORCH

Proposal for a directive
Article 1 – paragraph 1 – point 12

Directive 2015/849/EU
Article 32 a – paragraph 3 – introductory part

3. The following information shall be accessible and searchable through the ~~centralised~~ mechanisms referred to in paragraph 1:

2016/12/19
Committee: ECON LIBE

Beatrix von STORCH

Proposal for a directive
Article 1 – paragraph 1 – point 16

Directive 2015/849/EU
Article 47 – paragraph 1

(16) in Article 47, paragraph 1 is replaced by the following: ‘1. Member States shall ensure that providers of exchanging services between virtual currencies and fiat currencies, custodian wallet providers, currency exchange and cheque cashing offices, and trust or company service providers are licensed or registered, and that providers of gambling services are regulated.’;deleted

2016/12/19
Committee: ECON LIBE

Beatrix von STORCH

Proposal for a directive
Article 1 – paragraph 1 – point 17

Directive 2015/849/EU
Article 49

Member States shall ensure that ~~policy makers, the~~ FIUs, supervisors and other competent authorities involved in AML/CFT, such as tax authorities, have effective mechanisms to enable them to cooperate and coordinate domestically concerning the development and implementation of policies and activities to combat money laundering and terrorist financing, including with a view to fulfilling their obligation under Article 7.

2016/12/19
Committee: ECON LIBE

Beatrix von STORCH

Proposal for a directive
Article 1 – paragraph 1 – point 18

Directive 2015/849/EU
Article 50 a

(18) in Section 3 of Chapter VI, the following subsection IIa is added: "Subsection IIa Cooperation between competent authorities Article 50a Member States shall not prohibit or place unreasonable or unduly restrictive conditions on the exchange of information or assistance between competent authorities. In particular Member States shall ensure that competent authorities do not refuse a request for assistance on the grounds that: (a) the request is also considered to involve tax matters; (b) national legislation requires obliged entities to maintain secrecy or confidentiality, except where the relevant information that is sought is held in circumstances where legal privilege or legal professional secrecy applies; (c) there is an inquiry, investigation or proceeding underway in the requested Member State, unless the assistance would impede that inquiry, investigation or proceeding; (d) the nature or status of the requesting counterpart authority is different from that of requested competent authority;deleted

2016/12/19
Committee: ECON LIBE

Beatrix von STORCH

Proposal for a directive
Article 1 – paragraph 1 – point 21

Directive 2015/849/EU
Article 57

(21) Article 57 is replaced by the following: ‘Article 57 Differences between national law definitions of tax crimes shall not impede the ability of FIUs to provide assistance to another FIU and shall not limit the exchange, dissemination and the use of information pursuant to Articles 53, 54 and 55.’;deleted

2016/12/19
Committee: ECON LIBE

Beatrix von STORCH

Proposal for a directive
Article 1 – paragraph 1 – point 22

Directive 2015/849/EU
Article 65 – paragraph 2

(22) in Article 65, the following second paragraph is added: ‘The report shall be accompanied, if necessary, by appropriate proposals, including, where appropriate, with respect to virtual currencies, empowerments to set-up and maintain a central database registering users' identities and wallet addresses accessible to FIUs, as well as self-declaration forms for the use of virtual currency users.’;deleted

2016/12/19
Committee: ECON LIBE

Beatrix von STORCH

Proposal for a directive
Article 2 – paragraph 1 – point 2

Directive 2009/101/EC
Article 7 b

(2) in Chapter 2, the following Article 7b is inserted: ‘Article 7b Disclosure of beneficial ownership information 1. measures required to ensure compulsory disclosure by the entities referred to in Article 1a (a) and (b) of this Directive of adequate, accurate and current information on their beneficial ownership, in accordance with Articles 30 and 31 of Directive 2015/849. The information shall consist of the name, the month and year of birth, the nationality and the country of residence of the beneficial owner as well as the nature and extent of the beneficial interest held. 2. ownership information as referred to in paragraph 1 shall be ensured through the central registers referred to in Article 30(3) and Article 31(3a) of Directive 2015/849. 3 the beneficial ownership information referred to in paragraph 1 of this Article shall also be made publicly available through the system of interconnection of registers referdeleted Member States shall take the The disclosure of beneficial Member States shall ensured to in Article 4a(2). 4. down in national law, where the access to the information set out in paragraph 1 would expose the beneficial owner to the risk of fraud, kidnapping, blackmail, violence or intimidation, or where the beneficial owner is a minor or otherwise incapable, Member States may provide for an exemption from the compulsory disclosure of to all or part of the information on the beneficial ownership on a case-by-case basis. 5. owners referred to in paragraph 1 shall be disclosed for the purpose of enabling third parties and civil society at large to know who are the beneficial owners, thus contributing to prevent the misuse of legal entities and legal arrangements through enhanced public scrutiny. For this purpose the information shall be publicly available through the national registers and through the system of interconnection of registers for no longer than 10 years after the company has been struck off from the register.’hat In exceptional circumstances laid The personal data of beneficial

2016/12/19
Committee: ECON LIBE

Beatrix von STORCH

Proposal for a directive
Article 2 – paragraph 1 – point 2

Directive 2009/101/EC
Article 7 b – paragraph 2

2. The disclosure of beneficial ownership information as referred to in paragraph 1 shall be ensured through the central registers referred to in Article 30(3) and Article 31(3a) of Directive 2015/849.deleted

2016/12/19
Committee: ECON LIBE

Beatrix von STORCH

Proposal for a directive
Article 2 – paragraph 1 – point 2

Directive 2009/101/EC
Article 7 b – paragraph 3

3. Member States shall ensure that the beneficial ownership information referred to in paragraph 1 of this Article shall also be made publicly available through the system of interconnection of registers referred to in Article 4a(2).deleted

2016/12/19
Committee: ECON LIBE