12 Amendments of Annalisa TARDINO related to 2021/0239(COD)
Amendment 149 #
(14) Directive (EU) 2015/849 set out to mitigate the money laundering and terrorist financing risks posed by large cash payments by including persons trading in goods among obliged entities when they make or receive payments in cash above EUR 10 000, whilst allowing Member States to introduce stricter measures. Such approach has shown to be ineffective in light of the poor understanding and application of AML/CFT requirements, lack of supervision and limited number of suspicious transactions reported to the FIU. In order to adequately mitigate potential risks deriving from the misuse of large cash sums, a Union-wide limit to large cash transactions above EUR 10 .000 should be laid down, and in order to protect the fundamental rights and social inclusion of vulnerable users who have difficulties with electronic payments, such as the elderly and people with disabilities, a minimum limit of EUR 5,000 for cash payments should be ensured. As a consequence, persons trading in goods should no longer be subject to AML/CFT obligations.
Amendment 210 #
Proposal for a regulation
Recital 60 a (new)
Recital 60 a (new)
(60a) Business relationships and transactions involving high-net-worth individuals who present one or several factors of higher risk could seriously compromise the integrity of the Union’s financial system and cause serious vulnerabilities in the internal market. Obliged entities may therefore assess to apply enhanced customer due diligence measures as laid down in this Regulation with respect to those individuals.
Amendment 221 #
Proposal for a regulation
Recital 65
Recital 65
(65) Detailed rules should be laid down to identify the beneficial owners of corporate and other legal entities and to harmonise definitions of beneficial ownership. While a specified percentage shareholding or ownership interest does not automatically determine the beneficial owners, it should be one factor among others to be taken into account. Member States should be able, however, to decide that a percentage lower than 25% plus one of the shares or voting rights, may be an indication of ownership or control. Control through ownership interest of 25% plus one of the shares or voting rights or other ownership interest should be assessed on every level of ownership, meaning that this threshold should apply to every link in the ownership structure and that every link in the ownership structure and the combination of them should be properly examined.
Amendment 242 #
Proposal for a regulation
Recital 94
Recital 94
(94) The use of large cash payments is highly vulnerable to money laundering and terrorist financing; this has not been sufficiently mitigated by the requirement for traders in goods to be subject to anti- money laundering rules when making or receiving cash payments of EUR 10 000 or more. At the same time, differences in approaches among Member States have undermined the level playing field within the internal market to the detriment of businesses located in Member States with stricter controls. It is therefore necessary to introduce a Union-wide limit to large cash payments of EUR 10 000. Member States should be able to adopt lower thresholds and further stricter provisions, but in order to protect the fundamental rights and social inclusion of vulnerable users who have difficulties with electronic payments, such as the elderly and people with disabilities, a minimum limit of EUR 5000 for cash payments should be ensured.
Amendment 301 #
Proposal for a regulation
Article 2 – paragraph 1 – point 25 – point c – point i
Article 2 – paragraph 1 – point 25 – point c – point i
(i) functions at the level of Union institutions and bodies that are equivalent to those listed in points (a)(i), (ii), (iv), (v) and (vi) and Directors-General of the European institutions;
Amendment 308 #
Proposal for a regulation
Article 2 – paragraph 1 – point 27 a (new)
Article 2 – paragraph 1 – point 27 a (new)
(27a) high-net-worth individual’ means a natural person who owns at least EUR 50 million or the equivalent in national currency in liquid financial assets
Amendment 337 #
Proposal for a regulation
Article 3 – paragraph 1 – point 3 – point d
Article 3 – paragraph 1 – point 3 – point d
(d) estate agents, including when acting as intermediaries in the letting of immovable property for transactions for which the monthly rent amounts to at least EUR 10 000 or more, or the equivalent in national currency or other accepted form of payment;
Amendment 348 #
Proposal for a regulation
Article 3 – paragraph 1 – point 3 – point i
Article 3 – paragraph 1 – point 3 – point i
(i) persons trading or acting as intermediaries in the trade of works of art, including when this is carried out by art galleries and auction houses, where the value of the transaction or linked transactions amounts to at least EUR 100 000 or the equivalent in national currency or other accepted form of payment;
Amendment 706 #
Proposal for a regulation
Article 36 a (new)
Article 36 a (new)
Article 36a Specific provisions regarding certain high-net-worth individuals In addition to the customer due diligence measures laid down in Article 16, obliged entities shall have in place appropriate risk management systems, including risk- based procedures, to determine whether a customer or the beneficial owner of a customer is a high net-worth individual who also presents any of the higher risk factors set out in Annex III.2. With respect to transactions or business relationships with high-net worth individuals as referred to in paragraph 1, obliged entities may apply, according to the risk based approach, the following measures: (a) obtain senior management approval for establishing business relationships with those customers ; (b) take adequate measures to establish the source of wealth and source of funds that are involved in business relationships or transactions with those customers ; (c) conduct enhanced, ongoing monitoring of business relationships with those customers.
Amendment 756 #
Proposal for a regulation
Article 42 – paragraph 1 – subparagraph 1
Article 42 – paragraph 1 – subparagraph 1
For the purpose of this Article, where ‘control through an ownership interest’ is based on a threshold, it shall mean an ownership of 25% plus one of the shares or voting rights or other ownership interest in the corporate entity, including through bearer shareholdings,level of ownership in the corporate entity on every level of ownership.
Amendment 924 #
Proposal for a regulation
Article 59 – paragraph 1
Article 59 – paragraph 1
1. Persons trading in goods or providing services may accept or make a payment in cash only up to an amount of EUR 10 000 Union-wide limit or equivalent amount in national or foreign currency, whether the transaction is carried out in a single operation or in several operations which appear to be linked, and in order to protect the fundamental rights and social inclusion of vulnerable users who have difficulties with electronic payments, such as the elderly and people with disabilities, a minimum limit of EUR 5,000 for cash payments should be ensured.
Amendment 934 #
Proposal for a regulation
Article 59 – paragraph 2
Article 59 – paragraph 2
2. Member States may adopt lower limits following consultation of the European Central Bank in accordance with Article 2(1) of Council Decision 98/415/EC57 . Those lower limits shall be notified to the Commission within 3 months of the measure being introduced at national level. In order to protect the fundamental rights and social inclusion of vulnerable users who have difficulties with electronic payments, such as the elderly and people with disabilities, a minimum limit of EUR 5,000 for cash payments should be ensured. _________________ 57 Council Decision of 29 June 1998 on the consultation of the European Central Bank by national authorities regarding draft legislative provisions (OJ L 189, 3.7.1998, p. 42).