26 Amendments of Sharon BOWLES related to 2013/0025(COD)
Amendment 23 #
Proposal for a directive
Recital 7
Recital 7
(7) Legal professionals, as defined by the Member States, should be subject to the provisions of this Directive when participating in financial or corporate transactions, including providing tax advice, where there is the greatest risk of the services of those legal professionals being misused for the purpose of laundering the proceeds of criminal activity or for the purpose of terrorist financing, terrorist financing, criminal activity as defined in Article 3(4) or aggressive tax avoidance. There should, however, be exemptions from any obligation to report information obtained either before, during or after judicial proceedings, or in the course of ascertaining the legal position of a client. Thus, legal advice should remain subject to the obligation of professional secrecy unless the legal counsellor is taking part in money laundering or, terrorist financing, criminal activity as defined in Article 3(4) or aggressive tax avoidance, the legal advice is provided for money laundering or, terrorist financing purposes, criminal activity as defined in Article 3(4) or aggressive tax avoidance, or the lawyer knows that the client is seeking legal advice for money laundering or, terrorist financing purposes or criminal activity as defined in Article 3 (4) or aggressive tax avoidance.
Amendment 25 #
Proposal for a directive
Recital 11
Recital 11
(11) The need for accurate and up-to-date information on the beneficial owner is a key factor in tracing criminals who might otherwise hide their identity behind a corporate structure. Member States should therefore ensure that companies retain information on their beneficial ownership, maintain central registers, and make this information available to competent authorities an, obliged entities, and, in the case of listed obliged entities, to the public. In addition, trustees should declare their status to obliged entities.
Amendment 29 #
Proposal for a directive
Recital 4
Recital 4
(4) Money laundering and terrorist financing are frequently carried out in an international context. Measures adopted solely at national or even European Union level, without taking account of international coordination and cooperation, would have very limited effects. The measures adopted by the European Union in this field should therefore be consistent withmpatible with and at least as stringent as other action undertaken in other international fora. It is noted that avoiding tax and mechanisms of non-disclosure and concealment are strategies that are employed in money laundering and terrorist financing in order to avoid detection. The European Union action should continue to take particular account of the Recommendations of the FATF, which constitutes the foremost international body active in the fight against money laundering and terrorist financing. With the view to reinforce the efficacy of the fight against money laundering and terrorist financing, Directives 2005/60/EC and 2006/70/EC should be aligned with the new FATF Recommendations adopted and expanded in February 2012.
Amendment 33 #
Proposal for a directive
Recital 7
Recital 7
(7) Legal professionals, as defined by the Member States, should be subject to the provisions of this Directive when participating in financial or corporate transactions, including providing tax advice, where there is the greatest risk of the services of those legal professionals being misused for the purpose of laundering the proceeds of criminal activity or for the purpose of terrorist financing, terrorist financing, criminal activity as defined in Article 3 (4) or aggressive tax avoidance. There should, however, be exemptions from any obligation to report information obtained either before, during or after judicial proceedings, or in the course of ascertaining the legal position of a client. Thus, legal advice should remain subject to the obligation of professional secrecy unless the legal counsellor is taking part in money laundering or, terrorist financing, criminal activity as defined in Article 3 (4) or aggressive tax avoidance, the legal advice is provided for money laundering or, terrorist financing purposes, criminal activity as defined in Article 3 (4) or aggressive tax avoidance, or the lawyer knows that the client is seeking legal advice for money laundering or, terrorist financing purposes or criminal activity as defined in Article 3 (4) or aggressive tax avoidance.
Amendment 34 #
Proposal for a directive
Recital 9
Recital 9
(9) It is important to expressly highlight that ‘"tax crimes’" related to direct and indirect taxes are included in the broad definition of ‘"criminal activity’" under this Directive in line with the revised FATF Recommendations. The European Council of 23 May 2013 called for the need to deal with tax evasion and fraud and to fight money laundering, within the internal market and vis-à-vis non-cooperative third countries and jurisdictions, in a comprehensive manner. The definition of tax crimes is an important step in this regard, as too is public disclosure of certain financial information by large Companies operating in the Union on a country-by-country basis which assists with detection of tax crimes. Furthermore, it is also important to ensure that obliged entities and Legal professionals, as defined by Member States, do not seek to frustrate the intent of this Directive nor facilitate or engage in, aggressive tax planning.
Amendment 36 #
Proposal for a directive
Recital 9 a (new)
Recital 9 a (new)
(9a) Member States should also consider the application of General Anti- Avoidance Rules (GAAR) on tax matters with a view to curbing aggressive tax planning and avoidance.
Amendment 39 #
Proposal for a directive
Recital 11
Recital 11
(11) The need for accurate and up-to-date information on the beneficial owner is a key factor in tracing criminals who might otherwise hide their identity behind a corporate structure. Member States should therefore ensure that companies retain information on their beneficial ownership, maintain central registers, and make this information available to competent authorities an, obliged entities, and, in the case of listed obliged entities, to the public. In addition, trustees should declare their status to obliged entities.
Amendment 56 #
Proposal for a directive
Article 29 – paragraph 2
Article 29 – paragraph 2
2. Member States shall ensure that the information referred to in paragraph 1 of this Article can be accessed in a timely manner by competent authorities and by obliged entitiesand efficient manner by Union and international competent authorities and by obliged entities. Member States shall seek to constructively cooperate whenever possible and should maintain central registries of company beneficial ownership. Information of beneficial ownership of listed companies shall be made public.
Amendment 94 #
Draft legislative resolution
Citation 8 a (new)
Citation 8 a (new)
- having regard to commitments made at the G8 Summit of June 2013 in Northern Ireland;
Amendment 95 #
Draft legislative resolution
Citation 8 b (new)
Citation 8 b (new)
- having regard to the European Commission's recommendations of December 6th 2012 on aggressive tax planning;
Amendment 96 #
Draft legislative resolution
Citation 8 c (new)
Citation 8 c (new)
- having regard to the OECD Secretary General Progress Report to the G20 on September 5th 2013;
Amendment 97 #
Draft legislative resolution
Citation 8 d (new)
Citation 8 d (new)
- having regard to the draft opinion of the Economic and Monetary Affairs Committee on the Directive amending Council Directive 78/660/EEC and 84/349/EEC as regards disclosure and non-financial and diversity information by certain large companies as groups;
Amendment 102 #
Proposal for a directive
Recital 4
Recital 4
(4) Money laundering and terrorist financing are frequently carried out in an international context. Measures adopted solely at national or even European Union level, without taking account of international coordination and cooperation, would have very limited effects. The measures adopted by the European Union in this field should therefore be consistent withmpatible with and at least as stringent as other action undertaken in other international fora. It is noted that avoiding tax and mechanisms of non-disclosure and concealment can be used as strategies employed in money laundering and terrorist financing in order to avoid detection. The European Union action should continue to take particular account of the Recommendations of the FATF, which constitutes the foremost international body active in the fight against money laundering and terrorist financing. With the view to reinforce the efficacy of the fight against money laundering and terrorist financing, Directives 2005/60/EC and 2006/70/EC should be aligned with the new FATF Recommendations adopted and expanded in February 2012.
Amendment 112 #
Proposal for a directive
Recital 7
Recital 7
(7) Legal professionals, as defined by the Member States, should be subject to the provisions of this Directive when participating in financial or corporate transactions, including providing tax advice, where there is the greatest risk of the services of those legal professionals being misused for the purpose of laundering the proceeds of criminal activity or for the purpose of terrorist financing, terrorist financing, criminal activity as defined in Article 3 (4) or aggressive tax avoidance. There should, however, be exemptions from any obligation to report information obtained either before, during or after judicial proceedings, or in the course of ascertaining the legal position of a client. Thus, legal advice should remain subject to the obligation of professional secrecy unless the legal counsellor is taking part in money laundering or, terrorist financing, criminal activity as defined in Article 3(4) or aggressive tax avoidance, the legal advice is provided for money laundering or, terrorist financing purposes, criminal activity as defined in Article 3(4) or aggressive tax avoidance, or the lawyer knows that the client is seeking legal advice for money laundering or terrorist financing purposes, criminal activity as defined in Article 3(4) or aggressive tax avoidance.
Amendment 113 #
Proposal for a directive
Recital 9
Recital 9
(9) It is important to expressly highlight that ‘tax crimes’ related to direct and indirect taxes are included in the broad definition of ‘criminal activity’ under this Directive in line with the revised FATF Recommendations. The European Council of 23 May 2013 called for the need to deal with tax evasion and fraud and to fight money laundering, within the internal market and vis-à-vis non-cooperative third countries and jurisdictions, in a comprehensive manner. The definition of tax crimes is an important step in this regard, as too is public disclosure of certain financial information by large Companies operating in the Union on a country-by-country basis, which assists with detection of tax crimes. Furthermore, it is also important to ensure that obliged entities and legal professionals, as defined by Member States, do not seek to frustrate the intent of this Directive nor facilitate or engage in, aggressive tax planning.
Amendment 115 #
Proposal for a directive
Recital 9 a (new)
Recital 9 a (new)
Amendment 120 #
Proposal for a directive
Recital 11
Recital 11
(11) The need for accurate and up-to-date information on the beneficial owner is a key factor in tracing criminals who might otherwise hide their identity behind a corporate structure. Member States should therefore ensure that companies retainmaintain a central public register disclosing adequate, accurate and current information on their beneficial ownership and make this information available to competent authorities and obliged entitof companies. In addition, trustees should declare their status to obliged entities.
Amendment 161 #
Proposal for a directive
Recital 32
Recital 32
(32) The fight against money-laundering and, terrorist financing and aggressive tax avoidance is recognised as an important public interest ground by all Member States.
Amendment 191 #
Proposal for a directive
Article 29 – paragraph 2
Article 29 – paragraph 2
2. Member States shall ensure that the information referred to in paragraph 1 of this Article can be accessed in a timely manner by competent authorities and by obliged entitiesand efficient manner by Union and international competent authorities and by obliged entities. Member States shall seek to constructively cooperate whenever possible and should maintain central registries of company beneficial ownership. Information of beneficial ownership of listed companies shall be made public.
Amendment 214 #
Proposal for a directive
Article 32 – paragraph 1 – point b a (new)
Article 32 – paragraph 1 – point b a (new)
(ba) In the case of persons referred to in Article 2(1)(3)(a), (b), and (d), by informing the FIU and / or appropriate self-regulatory body of the profession concerned, as detailed in Article 33(1), if they suspect, or have reasonable grounds to suspect that their services are being misused for the purpose of criminal activity, in particular, that which is defined in Article 3 (4), and aggressive tax avoidance.
Amendment 233 #
Proposal for a directive
Article 45 – paragraph 3
Article 45 – paragraph 3
3. In the case of credit and financial institutions and providers of gambling services, competent authorities shall have enhanced supervisory powers, notably the possibility to conduct on-site inspections. Competent authorities in charge of supervising credit and financial institutions shall monitor the adequacy of the legal advice they receive with a view to reduce legal and regulatory arbitrage in the case of aggressive tax planning and avoidance
Amendment 236 #
Proposal for a directive
Article 4 – paragraph 1
Article 4 – paragraph 1
1. Member States shall ensure that the provisions of this Directive are extended in whole or in part to professions and to categories of undertakings, other than the obliged entities referred to in Article 2(1), which engage in activities which are particularly likely to be used for money laundering or, terrorist financing purposes, criminal activity as defined in Article 3(4) or aggressive tax avoidance.
Amendment 361 #
Proposal for a directive
Article 29 – paragraph 1
Article 29 – paragraph 1
1. Member States shall ensure that corporate or legal entities established within their territory obtain and hold adequate, accurate and current information on their beneficial ownership in a central public register.
Amendment 388 #
Proposal for a directive
Article 29 – paragraph 2
Article 29 – paragraph 2
2. Member States shall ensure that the information referred to in paragraph 1 of this Articlegeneral public, Union and International competent authorities and obliged entities can be accessed in a timely manner by competent authorities and by obliged entities in an efficient and timely manner all information contained in the central public register referred to in paragraph 1.
Amendment 414 #
Proposal for a directive
Article 31 – paragraph 1 a (new)
Article 31 – paragraph 1 a (new)
1a. The persons referred to in Article 2(1)(3)(a), (b), and (d), shall inform the FIU and / or appropriate self-regulatory body of the profession concerned, as detailed in Article 33(1), if they suspect, or have reasonable grounds to suspect that their services are being misused for the purpose of criminal activity, in particular, that which is defined in Article 3 (4), and aggressive tax avoidance.
Amendment 471 #
Proposal for a directive
Article 45 – paragraph 3
Article 45 – paragraph 3
3. In the case of credit and financial institutions and providers of gambling services, competent authorities shall have enhanced supervisory powers, notably the possibility to conduct on-site inspections. Competent authorities in charge of supervising credit and financial institutions shall monitor the adequacy of the legal advice they receive with a view to reduce legal and regulatory arbitrage in the case of aggressive tax planning and avoidance.