Decision of the EEA Joint Committee No 87/2006 of 7 July 2006 amending Annex IX (Financial services) to the EEA Agreement
Date: 2006-07-07
Institutions: EEA Joint Committee
Subjects: financial legislation, law of banking, money laundering, terrorism

19.10.2006

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Official Journal of the European Union

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DECISION OF THE EEA JOINT COMMITTEE

No 87/2006

of 7 July 2006

amending Annex IX (Financial services) to the EEA Agreement

THE EEA JOINT COMMITTEE,

Having regard to the Agreement on the European Economic Area, as amended by the Protocol adjusting the
Agreement on the European Economic Area, hereinafter referred to as ‘the Agreement’, and in particular
Article 98 thereof,

Whereas:

(1) Annex IX to the Agreement was amended by Decision of the EEA Joint Committee No 60/2006 of

2 June 2006 (1).

(2) Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the
prevention of the use of the financial system for the purpose of money laundering and terrorist
financing (2) is to be incorporated into the Agreement,

HAS DECIDED AS FOLLOWS:

Article 1

The following point shall be inserted after point 23a (Council Directive 92/121/EEC, deleted) of Annex IX to
the Agreement:

‘23b. 32005 L 0060: Directive 2005/60/EC of

the Council of
26 October 2005 on the prevention of the use of the financial system for the purpose of money
laundering and terrorist financing (OJ L 309, 25.11.2005, p. 15).

the European Parliament and of

The provisions of the Directive shall, for the purposes of this Agreement, be read with the
following adaptations:

Article 3(5)(d) shall be replaced with the following:

“fraud, at least serious, affecting the European Communities' financial interests shall consist of:

(a)

in respect of expenditure, any intentional act or omission relating to:

— the use or presentation of false, incorrect or incomplete statements or documents, which
has as its effect the misappropriation or wrongful retention of funds from the general
budget of the European Communities or budgets managed by, or on behalf of, the
European Communities,

— non-disclosure of information in violation of a specific obligation, with the same effect,

— the misapplication of such funds for purposes other than those for which they were

originally granted;

(1) OJ L 245, 7.9.2006, p. 7.
(2) OJ L 309, 25.11.2005, p. 15.

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Official Journal of the European Union

19.10.2006

(b)

in respect of revenue as defined in Council Decision of 29 September 2000 on the system of
the European Communities' own resources (*) any intentional act or omission relating to:

— the use or presentation of false, incorrect or incomplete statements or documents, which
has as its effect the illegal diminution of the resources of the general budget of the
the European
European Communities or budgets managed by, or on behalf of,
Communities,

— non-disclosure of information in violation of a specific obligation, with the same effect,

— misapplication of a legally obtained benefit, with the same effect.

Serious fraud shall be considered to be fraud involving a minimum amount not to be set at a sum
exceeding Euro 50 000.

(*) OJ L 253, 7.10.2000, p. 42.’”

Article 2

The text of Directive 2005/60/EC in the Icelandic and Norwegian languages, to be published in the EEA
Supplement to the Official Journal of the European Union, shall be authentic.

Article 3

This Decision shall enter into force on 8 July 2006, provided that all the notifications under Article 103(1) of
the Agreement have been made to the EEA Joint Committee (*).

This Decision shall be published in the EEA Section of, and in the EEA Supplement to, the Official Journal of the
European Union.

Article 4

Done at Brussels, 7 July 2006.

For the EEA Joint Committee

The President

Oda Helen SLETNES

(*) Constitutional requirements indicated.

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Official Journal of the European Union

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Joint Declaration by the Contracting Parties

to Decision No 87/2006 incorporating Directive 2005/60/EC into the EEA Agreement

With regard to Directive 2005/60/EC, the Contracting Parties recall that references to legal acts concerning
police and judicial cooperation in criminal matters are without prejudice to the understanding that police and
judicial cooperation in criminal matters (Title VI EU Treaty) fall outside the scope of the EEA Agreement.

Furthermore, with regard to the incorporation of 2005/60/EC into the EEA Agreement, the Contracting
Parties recall, and take into account, the Declaration by the Commission, the Joint Declaration by the EEA
EFTA States as well as the Joint Declaration by the Contracting Parties as added to Decision of the EEA Joint
Committee No 98/2003 of 11 August 2003.