[ParlTrack]

Proposal for a regulation
Recital 1

(1) ~~Flows of dirty money through transfers of funds can~~Massive flows of illicit money damage the stability and reputation of the financial sector and threaten the ~~internal market. Terrorism shakes the very foundations of our society~~single market as well as international development, and terrorism shakes the very foundations of our society. Crucial facilitators of illicit money flows are secretive corporate structures operating in and through secrecy jurisdictions, often also referred to as tax havens. The soundness, integrity and stability of the system of transfers of funds and confidence in the financial system as a whole ~~could be~~is being seriously jeopardised by the efforts of criminals and their associates either to disguise the origin of criminal proceeds or to transfer funds for terrorist purposes.

2013/09/09
Committee: DEVE

Eva JOLY, Bart STAES

Proposal for a regulation
Recital 2

(2) In order to facilitate their criminal activities, money launderers and terrorist financers ~~could try to~~are takeing advantage of the freedom of capital movements entailed by the integrated financial area, unless certain coordinating measures are adopted at Union level. By its scale, Union action should ensure that Recommendation 16 on wire transfers of the Financial Action Task Force (FATF), adopted in February 2012 is transposed uniformly throughout the Union, and, in particular, that there is no discrimination between national payments within a Member State and cross border payments between Member States. Uncoordinated action by Member States alone in the field of cross border transfers of funds could have a significant impact on the smooth functioning of payment systems at Union level and therefore damage the internal market in the field of financial services.

2013/09/09
Committee: DEVE

Eva JOLY, Bart STAES

Proposal for a regulation
Recital 9

(9) It is appropriate to exclude from the scope of this Regulation transfers of funds that represent a low risk of money laundering or terrorist financing. Such exclusions should cover credit or debit cards, mobile telephones or other digital or information technology (IT) devices, Automated Teller Machine (ATM) withdrawals, payments of taxes, fines or other levies, and transfers of funds where both the payer and the payee are payment service providers acting on their own behalf. In addition, in order to reflect the special characteristics of national payment systems, Member States may exempt electronic giro payments, provided that it is always possible to trace the transfer of funds back to the payer. However, every exemption should be reviewed periodically, and there must be no exemption when a debit or credit card, a mobile telephone or other digital or IT prepaid or postpaid device is used in order to effect a person-to-person transfer.

2013/09/09
Committee: DEVE

Eva JOLY, Bart STAES

Proposal for a regulation
Article 3 – paragraph 2 – subparagraph 1 – introductory part

This Regulation shall not apply to transfers of funds carried out using a credit or debit card, or a mobile telephone or any other digital or information technology (IT) device, where the following conditions are fulfilled:. Based on periodic reviews of these exemptions, the Commission is empowered to adopt a delegated act limiting further these exemptions.

2013/09/09
Committee: DEVE

Eva JOLY, Bart STAES

Proposal for a regulation
Article 3 – paragraph 2 – subparagraph 2

However, this Regulation shall apply when a credit or debit card, or a mobile telephone, or any other digital or IT prepaid or postpaid device is used in order to eaffect a person-to-person transfer of funds.

2013/09/09
Committee: DEVE

Eva JOLY, Bart STAES

Proposal for a regulation
Article 15 – title

Cooperation obligations and Equivalence

2013/09/09
Committee: DEVE

Eva JOLY, Bart STAES

Proposal for a regulation
Article 15 – paragraph 1 a (new)

1a. Payment service providers established in the Union shall apply this regulation with regard to their subsidiaries and branches operating in jurisdictions outside the Union that are not deemed equivalent. The Commission shall by means of delegated acts in accordance with Article 22a adopt decisions on the recognition of the legal and supervisory framework of jurisdictions outside the Union as equivalent to the requirements of this Regulation.

2013/09/09
Committee: DEVE

Eva JOLY, Bart STAES

Proposal for a regulation
Article 22 – paragraph 1 a (new)

1a. Exercise of a delegation 1. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in this Article. 2. The power to adopt delegated acts referred to in Article 15(1a) shall be conferred on the Commission for an indeterminate period of time from the date referred to in Article 26. 3. The delegation of power referred to in Article 15(1a) may be revoked at any time by the European Parliament or by the Council. A decision to revoke shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of that 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 acts already in force. 4. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council. 5. A delegated act adopted pursuant to Article 15(1a) 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 the Council.

2013/09/09
Committee: DEVE

Eva JOLY, Bart STAES

Proposal for a regulation
Article 24 – paragraph 1 – subparagraph 1

~~The Commission may~~Without prejudice to article 15,1 a (new) the Commission may, in cases of attested equivalence in accordance with article 15,1 (new), authorise any Member State to conclude agreements with a country or territory which does not form part of the territory of the Union mentioned in Article 355 of the Treaty, which contain derogations from this Regulation, in order to allow for transfers of funds between that country or territory and the Member State concerned to be treated as transfers of funds within that Member State.

2013/09/09
Committee: DEVE

Sven GIEGOLD, Rui TAVARES, Judith SARGENTINI, Eva JOLY

Proposal for a regulation
Recital 1

(1) ~~Flows of dirty money through transfers of funds can damage the~~Massive flows of illicit money damage the structure, stability and reputation of the financial sector and threaten the ~~internal market. Terrorism shakes the very foundations of our society~~single market as well as international development, and terrorism shakes the very foundations of our society. Crucial facilitators of illicit money flows are secretive corporate structures operating in and through secrecy jurisdiction, often also referred to as tax havens. The soundness, integrity and stability of the system of transfers of funds and confidence in the financial system as a whole ~~could be~~is being seriously jeopardised by the efforts of criminals and their associates either to disguise the origin of criminal proceeds or to transfer funds for terrorist purposes.