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19 April 2006

EP Committee on information accompanying transfers of funds

Rapporteur Alexander Alvaro intends to reduce the scpoe of the draft Regulation on information on the payer accompanying transfers of funds. The rapporteur wants to exempt various types of transactions from the Regulation, including electronic transfers for less than Euro 1000 and payment of taxes. He favours having less strict requirements for money transfers between two accounts, arguing that the data should already have been checked when the sender's account was opened.

For non-account-based transfers, he says only the sender's name should have to be confirmed for payments of up to Euro 1000. He opposes a move to force the receiving bank to suspend relations with sending banks that systematically fail to provide the required data.

Mr Alvaro also proposed a “sunset clause”. The Commission's representative, Ms Ceu Peireira, commented that a sunset clause might not be compatible with the OECD's Financial Action Task Force on Money Laundering recommendation.

Draft Report
Working Document
Commission proposal

© Graham Bishop

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