BETA

Activities of Daniel DALTON related to 2016/0413(COD)

Shadow reports (1)

2016/11/22
Committee: ECONLIBE
Dossiers: 2016/0413(COD)
Documents: PDF(768 KB) DOC(130 KB)

Amendments (21)

Proposal for a regulation
Recital 12

(12) One of the key concepts used by this Regulation is that of ‘cash’, which should be defined as comprising ~~four~~three categories: currency, bearer-negotiable instruments, and commodities used as highly liquid stores of value ~~and certain types of prepaid cards~~. Given their characteristics, certain bearer-negotiable instruments, commodities used as highly liquid stores of value, as well as prepaid cards which are not linked to a bank account are likely to be used in place of currency as anonymous means of transfer of value across the external borders which are not traceable using the classic system of supervision by the public authorities. This Regulation should lay down the essential components of the definition of 'cash' while at the same time enabling the Commission to amend the non-essential components in response to the efforts by criminals and their associates to circumvent a measure which controls only one type of highly liquid store of value by bringing across external borders another type. If evidence of such behaviour on an appreciable scale is detected, it is essential that measures be taken swiftly to remedy the situation.

2017/10/26
Committee: ECON LIBE

Proposal for a regulation
Recital 15

(15) Prepaid cards are non-nominal cards storing monetary value or funds which can be used for payment transactions, for acquiring goods or services or for redemption of currency and which are not linked to a bank account. They are widely used for a variety of legitimate purposes and some of these instruments also present a clear social interest. As such prepaid cards are easily transferrable and can be used to transfer considerable value across external borders. It is therefore necessary to include prepaid cards in the definition of cash. This will allow for the possibility to extend the measures to certain types of prepaid cards if the evidence justifies it and with due regard to proportionality and practical enforceability.deleted

2017/10/26
Committee: ECON LIBE

Proposal for a regulation
Recital 16

(16) For the prevention of money laundering and the financing of terrorism, an obligation to declare should be imposed on natural persons entering or leaving the Union. In order not to restrict free movement unduly or overburden citizens and authorities with administrative formalities, the obligation should be subject to a threshold of EUR 10 000 or its equivalent in commodities used as a highly liquid store of value, bearer-negotiable instruments, ~~pre-paid cards' worth~~ or other currencies. It should apply to natural persons carrying such amounts on their person, in their luggage or in the conveyance in which they cross the external border. They should be required to make the cash available to the competent authorities for control.

2017/10/26
Committee: ECON LIBE

Proposal for a regulation
Recital 21

(21) That information should be passed on to the Financial Intelligence Unit of the Member State in question. Those units are designated as the hub elements in the fight against money-laundering and terrorist financing who receive and process information from various sources such as financial institutions and analyse it in order to determine if there are grounds for further investigation that may not be apparent to the competent authorities who collect the declarations and perform controls under this Regulation. The Commission should assess ways in which to strengthen cooperation between Financial Intelligence Units through existing mechanisms.

2017/10/26
Committee: ECON LIBE

Proposal for a regulation
Recital 29

(29) In order to encourage compliance and deter circumvention, Member States should introduce penalties for non- compliance with the obligations to declare or disclose. The penalties should apply only to the failure to declare or disclose under this Regulation and should not take into account the criminal activity potentially associated with the cash, which may be the object of further investigation and measures falling outside the scope of this Regulation. They should be effective, proportionate and dissuasive, and not go beyond what is required to encourage compliance. They should be decided by Member States in accordance with national law.

2017/10/26
Committee: ECON LIBE

Proposal for a regulation
Recital 31

(31) In order to be able to quickly take account of future modifications of international standards such as established by the Financial Action Task Force or to address circumvention of this Regulation through reliance on liquid stores of value which are not covered by the definition of 'cash', the power to adopt implementing acts in accordance with Article 2901 of the Treaty on the Functioning of the European Union should be delegated to the Commission in respect of modifications to that definition. It is of particular importance that the Commission carry out appropriate consultations during its preparatory work, including at expert level, and that those consultations be conducted in accordance with the principles laid down in the Interinstitutional Agreement on Better Law-Making of 13 April 2016.24 In particular, to ensure equal participation in the preparation of delegated acts, the European Parliament and the Council receive all documents at the same time as Member States' experts, and their experts systematically have access to meetings of Commission expert groups dealing with the preparation of delegated acts. __________________ 24 Ref. to OJ [L 123/1]Annex I to this Regulation.

2017/10/26
Committee: ECON LIBE

Proposal for a regulation
Article 2 – paragraph 1 – point a – indent 4

~~- prepaid cards referred to in Annex I;~~deleted

2017/10/26
Committee: ECON LIBE

Proposal for a regulation
Article 2 – paragraph 1 – point f

(f) 'prepaid card' means a non- nominal card storing monetary value or funds which can be used for payment transactions, for acquiring goods or services or for redemption of currency and which is not linked to a bank account;deleted

2017/10/26
Committee: ECON LIBE

Proposal for a regulation
Article 2 – paragraph 2

2. The Commission shall be empowered to adopt ~~delegated~~implementing acts in accordance with Article 14 in order to amend Annex I to take account of new trends in money laundering or terrorist financing, as defined in paragraphs 3, 4 and 5 of Article 1 of Directive (EU) 2015/849, or best practices in preventing money laundering or terrorist financing or to prevent the use by criminals of bearer- negotiable instruments, commodities used as highly liquid stores of value or prepaid cards to circumvent the obligations laid down in Articles 3 and 4.

2017/10/26
Committee: ECON LIBE

Daniel DALTON, Bernd LUCKE

Proposal for a regulation
Article 12 – paragraph 4 a (new)

4a. The period of retention may be extended once with another period which shall not exceed five additional years if - after they have carried out a thorough assessment of the necessity and proportionality of such further retention and consider it to be justified for the fulfilment of their tasks with respect to the fight against money laundering or terrorist financing, the Financial Intelligence Unit determines that further retention is required or; - after they have carried out a thorough assessment of the necessity and proportionality of such further retention and consider it to be justified for the fulfilment of their tasks with respect to providing effective controls as regards the obligation to declare laid down under this Regulation, competent authorities determine that further retention is required.

2017/10/26
Committee: ECON LIBE

Proposal for a regulation
Article 13 – paragraph 1

Each Member State shall introduce penalties to apply in the event of failure to comply with the obligation to declare laid down in Articles 3 and 4. Such penalties shall be effective, proportionate and dissuasive. These penalties are to be decided by Member States in accordance with national law. Each Member State shall introduce penalties to apply in the event of failure to comply with the obligation to declare laid down in Articles 3 and 4. Such penalties shall be effective, proportionate and dissuasive.

2017/10/26
Committee: ECON LIBE

Proposal for a regulation
Article 14 – title

Exercise of the ~~deleg~~implementation

2017/10/26
Committee: ECON LIBE

Proposal for a regulation
Article 14 – paragraph 1

1. The power to adopt ~~delegated~~implementing acts is conferred on the Commission subject to the conditions laid down in this Article.

2017/10/26
Committee: ECON LIBE

Proposal for a regulation
Article 14 – paragraph 2

2 The power to adopt ~~delegated~~implementing acts referred to in Article 2(2) shall be conferred on the Commission for an indeterminate period of time from ….26 __________________ 26 * Date of entry into force of the basic legislative act or any other date set by the legislator.

2017/10/26
Committee: ECON LIBE

Proposal for a regulation
Article 14 – paragraph 3

3. The ~~deleg~~implementation of power referred to in Article 2(2) may be revoked at any time by the European Parliament or by the Council. A decision to revoke shall put an end to the ~~deleg~~implementation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any ~~delegated~~implementing acts already in force.

2017/10/26
Committee: ECON LIBE

Proposal for a regulation
Article 14 – paragraph 4

4. Before adopting a ~~delegated~~n implementing act, the Commission shall consult experts designated by each Member State in accordance with the principles laid down in the Interinstitutional Agreement on Better Law-Making of 13 April 2016.

2017/10/26
Committee: ECON LIBE

Proposal for a regulation
Article 14 – paragraph 5

5. As soon as it adopts a ~~delegated~~n implementing act, the Commission shall notify it simultaneously to the European Parliament and to the Council.

2017/10/26
Committee: ECON LIBE

Proposal for a regulation
Article 14 – paragraph 6

6. A ~~delegated~~n implementing act adopted pursuant to Article 2(2) shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of two months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by two months at the initiative of the European Parliament or of the Council.

2017/10/26
Committee: ECON LIBE

Proposal for a regulation
Article 15 – paragraph 1 – point c

(c) the technical rules for the exchange of information under Articles 8 and 9, ~~including the establishment of an appropriate electronic system~~via the Customs Information System, as laid down in Article 23 of Regulation (EC) No 515/97;

2017/10/26
Committee: ECON LIBE

Proposal for a regulation
Article 18 – paragraph 1

The Commission shall submit to the European Parliament and to the Council a report on the application of this Regulation five years after its entry into force and every five years thereafter. The scope of the report should not include an evaluation of an introduction of a mandatory declaration, or legislative proposal.

2017/10/26
Committee: ECON LIBE

Proposal for a regulation
Annex I – point 2 – point b

~~(b) bullion such as bars, nuggets or clumps with a gold content of at least 99,5 %.~~deleted

2017/10/26
Committee: ECON LIBE