The European Union member states and the European Parliament reached a political agreement on a Tuesday to enable police and judicial authorities to access bank account records from different countries through a single platform. The goal is to improve financial crime investigations by reducing delays and bureaucratic hurdles that currently slow cross-border cooperation.
Once the measure is in effect, participating countries will permit access to central bank account records for information about account ownership. This data will be available to police or judges from other member states who are investigating a crime, streamlining evidence gathering across borders.
The European Commission will operate a unified window where information is stored and can be verified. Authorities will be able to determine whether a person holds accounts in several member states without needing to submit multiple requests as is common today.
In addition, financial institutions will be required to provide transactional information in a standardized format when requested in the context of an investigation. This standardization aims to remove obstacles and speed up the investigative process.
illegal money flow
Access to financial information is a crucial tool for tracing and confiscating proceeds of crime. The agreement promises easier access to illegal money flows for law enforcement, according to statements from officials. Sweden currently holds the rotating presidency of the Council of the European Union and supports the move as part of broader anti-crime efforts.
A note accompanying the plenary session highlighted the importance of safeguarding rights. The measure’s negotiators stressed that robust safeguards for privacy and fundamental rights are built into the framework to protect individuals while enabling cross-border cooperation.
A photographer’s caption noted the plenary session scene, underscoring the political significance of the agreement within the Parliament and the EU’s ongoing work on security and justice.
Under the agreement, cross-border consultations on central bank records will be allowed only when the information has been cleared in national registers. Europol will be permitted to contribute to information analysis when national financial intelligence agencies invite participation, reinforcing the mutual trust framework among member states.
The negotiators emphasized that the new measures align with broader recommendations to strengthen the EU’s fight against money laundering and the financing of terrorism. They view the reform as a step toward ensuring that the Union’s anti-money laundering directive, still under negotiation between the Council and Parliament, can be implemented after ratification by the relevant institutions.
The political agreement will come into force once it has been formally approved by the Council and by the European Parliament. It sets in motion a practical mechanism for timely information sharing while balancing privacy protections, investigative needs, and the fundamental rights of individuals across the Union.