Opinion of the Commission pursuant to Article 251 (2), third subparagraph, point (c) of the EC Treaty, on the European Parliament's amendments to the Council's common position regarding the proposal for a Regulation of the European Parliament and of the Council on cash controls entering or leaving the Community amending the proposal of the Commission pursuant to Article 250 (2) of the EC Treaty
Date: 2005-06-21
Institutions: European Commission
Subjects: approximation of laws, capital movement, capital transfer, customs cooperation, customs regulations, exchange of information, free movement of capital, money laundering

COMMISSION OF THE EUROPEAN COMMUNITIES 

Brussels, 21.6.2005 
COM(2005) 288 final 

2002/0132 (COD) 

OPINION OF THE COMMISSION 

pursuant to Article 251 (2), third subparagraph, point (c) of the EC Treaty, 
on the European Parliament's amendments 
to the Council's common position regarding the  
proposal for a 

REGULATION OF THE EUROPEAN PARLIAMENT  
AND OF THE COUNCIL 

on cash controls entering or leaving the Community 

AMENDING THE PROPOSAL OF THE COMMISSION 
pursuant to Article 250 (2) of the EC Treaty 

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2002/0132 (COD) 

OPINION OF THE COMMISSION 

pursuant to Article 251 (2), third subparagraph, point (c) of the EC Treaty, 
on the European Parliament's amendments 
to the Council's common position regarding the  
proposal for a 

REGULATION OF THE EUROPEAN PARLIAMENT  
AND OF THE COUNCIL 

on cash controls entering or leaving the Community 

1. 

INTRODUCTION 

Article 251(2), third subparagraph, point (c) of the EC Treaty provides that the Commission is 
to  deliver  an  opinion  on  the  amendments  proposed  by  the  European  Parliament  at  second 
reading.  The  Commission  sets  out  its  opinion  below  on  the  amendments  proposed  by 
Parliament.  

2. 

BACKGROUND 

Date of transmission of the proposal to the European Parliament and 
the Council 

{Document COM(2002) 328 final – 2002/0132 (COD)} 

25 June 2002 

Date of the opinion of the European Parliament, first reading 

15 May 2003 

Date of transmission of the amended proposal {COM(2003)371 final 
– 2002/0132 COD)} 

1 July 2003 

Date of adoption of the common position by qualified majority 

17 February 2005 

Date of adoption of the resolution at second reading by the European 
Parliament containing 3 amendments to the common position 

8 June 2005 

3. 

PURPOSE OF THE PROPOSAL 

The  main  objective  of  the  Commission  proposal  is  to  supplement  Directive  91/308/EEC, 
which  establishes  a  system  of  supervision  and  information  on  monetary  transactions  by 
financial and credit institutions. For this reason the proposal aims to introduce a harmonised 
control  and  information  procedure  for  large-scale  movements  of  cash  in  or  out  of  the 
Community and empowers the national authorities to take appropriate administrative actions, 
including the obligation to pronounce penalties. 

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The  provisions  of  the  proposals  would  therefore  help  to  prevent  money  laundering  or 
financing terrorism. 

4. 

OPINION OF THE COMMISSION ON THE AMENDMENTS ADOPTED BY THE EUROPEAN 
PARLIAMENT 

Parliament adopted 3 amendments to the Council's common position at second reading. 

The  Commission  can  accept  those  3  amendments  in  their  entirety,  as  negotiated  during  the 
trialogue meetings in which it fully participated. 

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