Debate: The sixth Anti-Money Laundering Directive - Anti-Money Laundering Regulation - Establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism
Date: WEDNESDAY, 24 APRIL 2024
Speaker: Paul Tang
Country: Spain
Language: EN

As we stand on the brink of voting on a groundbreaking legislative package, I am humbled and proud to have been part of the negotiations that have led us to this pivotal moment. I want to thank dear co-rapporteurs Luděk Niedermayer, Eva Poptcheva, Emil Radev, Eero Heinäluoma and Damien Carême. The scandals that tarnished our financial systems in recent years – think of Danske Bank to the Cyprus Confidential files – served as stark reminders for the negotiators to act decisively and move forward. And yet we had to witness another scandal of incredible scale when Putin invaded Ukraine and Russian oligarchs massively flew and drove their private jets, sports cars and super yachts outside the EU. This added up to the already existing urgent need – often voiced by the European Parliament – to address the fragmented and poorly coordinated national rules that have allowed nefarious actors to exploit regulatory gaps and evade detection. It is a pivotal moment for two reasons. First, the package is more European, more coordinated than ever before and this is needed since national borders do not deter, but even help criminals and terrorists. The new authority is a strong symbol for European coordination, but also the first AML regulation underlines this approach. Second, the package is more targeted than before. Parliament’s efforts have paid off: the registration of high-value assets like cars, boats and planes; the single access point for real estate and land; the vigilance for high net-worth, high-risk individuals and so on. As proud as we are of this result, we must recognise, as Luděk Niedermayer emphasised already, that the fight against money laundering is ongoing and ever evolving. There is still work to do. First, on access to the BO register: the directive lays down the principles for access requiring easy access for those with a legitimate interest and introducing mutual recognition. Yet the current situation is chaotic at best and hampers access for journalists, researchers and NGOs. Their access needs to be restored as soon as possible and I call on the Member States to restore access as soon as. Get it done, now! Don’t wait for the legislation! Second, in Parliament I have worked intensively on fighting both tax evasion and money laundering. I have always found it very confusing that despite all the similarities – similar constructions, similar actors – there are two different silos of institutions and legislations. This is confusing but also ineffective. So I call on the Commission to eradicate the barriers between the two silos and have a more integrated approach. The Commission can start with ensuring the exchange of data and information among the institutions, like FIUs and tax administrations. In the modern economy, data and information are becoming more and more important and this holds especially for the fight against tax evasion and money laundering. Please Commission, get started. As we prepare to cast our votes, let us do so with the knowledge that we are enacting meaningful change this week, not just for ourselves, but for future generations of Europeans. Let us stand firm in our resolve to uphold the values of transparency, integrity and justice that lie at these proposals but also at the heart of the European Union.