Directive (EU) 2024/1654 amending Directive (EU) 2019/1153 as regards access by competent authorities to centralised bank account registries through the interconnection system and technical measures to facilitate the use of transaction records

Summary:

Directive (EU) 2024/1654 - adopted by the co-legislators on 31 May 2024 - introducing amendments to Directive (EU) 2019/1153 as regards access of competent authorities to centralised bank account registries through the interconnection system and technical measures to facilitate the use of transaction records.

Further information:

Directive (EU) 2019/1153 requires Member States to designate authorities competent for the prevention, detection, investigation or prosecution of criminal offences in order for them to access and search the mechanisms, also referred to as centralised bank account registries (BARs). It also requires them to include asset recovery offices among their designated competent authorities and enables Member States to designate tax authorities and anti-corruption agencies as competent authorities to the extent that these are competent for the prevention, detection, investigation or prosecution of criminal offences under national law. Directive (EU) 2024/1640 (AMLD 6) requires countries to make BAR information through a single access point to be developed and operated by the European Commission.

This Act extends access to the BAR single access point to the authorities competent for the prevention, detection, investigation or prosecution of criminal offences that are designated as competent authorities according to Directive (EU) 2019/1153.

The draft law was adopted by the European Commission on 20 July 2021, alongside a legislative package aimed at strengthening rules on anti-money laundering and countering the financing of terrorism (AML/CFT). The plenary of the European Parliament endorsed a negotiating position on the proposal on 13 February 2023. The Council of the European Union adopted its general approach to this file on 29 March. An informal agreement between the co-legislators on a compromise text was reached on 6 June. This was formally endorsed by Parliament on 23 April 2024 and by the Council on 30 May. The Act was signed by the co-legislators on 31 May 2024 and published in the Official Journal on 19 June 2024.

Official

EUR-LEX: COM(2021)429: Proposal for a Directive amending Directive (EU) 2019/1153 as regards access of competent authorities to centralised bank account registries through the single access point https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=COM:2021:429:FIN

EUR-LEX: SWD(2021)210: Staff Working Document accompanying the Proposal https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=SWD:2021:210:FIN

European Parliament: Legislative Observatory: Procedure File for Proposal on Use of financial and other information for the prevention, detection, investigation or prosecution of certain criminal offences: single access point (2021/0244(COD)) https://oeil.secure.europarl.europa.eu/oeil/popups/ficheprocedure.do?lang=en&reference=2021/0244(COD)

European Parliament: Legislative Train Schedule: Proposal for a Directive amending Directive (EU) 2019/1153 as regards access of competent authorities to centralised bank account registries through the single access point https://www.europarl.europa.eu/legislative-train/theme-an-economy-that-works-for-people/file-access-to-centralised-bank-account-registries-through-the-single-access-point

General Secretariat of the Council (EU): Policies: Fight against money laundering and terrorist financing https://www.consilium.europa.eu/en/policies/fight-against-terrorism/fight-against-terrorist-financing/

European Commission: DG Financial Stability, Financial Services & Capital Markets Union: Anti-money laundering and countering the financing of terrorism at EU level https://finance.ec.europa.eu/financial-crime/anti-money-laundering-and-countering-financing-terrorism-eu-level_en

European Commission: Press Release, 20/07/2021: Beating financial crime: Commission overhauls anti-money laundering and countering the financing of terrorism rules https://ec.europa.eu/commission/presscorner/detail/en/ip_21_3690

Council of the European Union: Press Release, 29/03/2023: Council adopts negotiating mandate on EU law on criminal finances https://www.consilium.europa.eu/en/press/press-releases/2023/03/29/council-adopts-negotiating-mandate-on-eu-law-on-criminal-finances/

Council of the European Union: Press Release, 06/06/2023: Criminal money: Council and European Parliament reach deal on access to financial information https://www.consilium.europa.eu/en/press/press-releases/2023/06/06/criminal-money-council-and-european-parliament-reach-deal-on-access-to-financial-information/

European Commission: Press Release, 06/06/2023: Security Union: Commission welcomes political agreement on providing law enforcement better and faster access to financial information https://ec.europa.eu/commission/presscorner/detail/en/ip_23_3091

Council of the European Union: Press Release, 30/05/2024: Anti-money laundering: Council adopts package of rules https://www.consilium.europa.eu/en/press/press-releases/2024/05/30/anti-money-laundering-council-adopts-package-of-rules/

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Commentary and Analysis

European Parliamentary Research Service (EPRS): Briefing, 16/05/2022: Proposal to amend Directive (EU) 2019/1153: Single access point to bank account registries https://www.europarl.europa.eu/thinktank/en/document/EPRS_BRI(2022)729425

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