#2021-958Ordinance n° 2021-958 on Financial Information Use
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
This ordinance allows the sharing of financial information with Europol to aid in preventing or detecting criminal offenses. It ensures timely communication and includes protections to prevent undue harm to ongoing investigations or individual rights. Compliance teams in financial institutions need to ensure they can respond promptly to information requests from Europol.
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Key Changes
- Financial information can be shared with Europol for criminal investigations.
- A mechanism is established for timely response to Europol's requests.
- Protection exists to withhold information if it harms investigations or disproportional rights.
Obligations
What this law requires
Financial institutions must communicate financial information and analyses to Europol in response to duly justified requests within the best possible timeframe (dans les meilleurs délais).
Financial institutions must obtain financial information in a timely manner (en temps utile) as required by Article L. 561-27 of the Monetary and Financial Code.
Financial institutions must communicate information to competent authorities within the best possible timeframe (dans les meilleurs délais) as required by Article L. 561-29-1 of the Monetary and Financial Code.
Financial institutions may refuse to respond to Europol requests if communication would negatively impact ongoing investigations or analyses, or if disclosure would be manifestly disproportionate to legitimate interests, but must provide duly justified written refusal.
Financial institutions must refuse to respond to Europol requests if communication is contrary to essential French security interests or would disclose information concerning specific intelligence organizations or activities in the national security domain.