EU to control money transfers to cut terrorist funding
Commission aims to strengthen the front in fight against terrorism
Brussels (pte027/27.07.2005/13:20) The European Commission has proposed to tighten control over money transfers in the eurozone in an effort to prohibit funding for terrorist attacks.
Banks and monetary institutions would require the recording of full details for any financial transactions. The proposal comes after the recent terrorist attacks in London.
"The fight against terrorism requires a sustained and focused effort on many fronts," said Charlie McCreevy, the internal market commissioner. "One of these is to cut off the funding for terrorist actions.
"The objective is to cut off funding for terrorists, to make the environment increasingly harsh for terrorist financiers," added a commission official.
The plan, concretely, means that any money sent or received in the EU's 25 nations would have to be accompanied by the name, address and account number of the sender. Under normal circumstances this information is not disclosed, but under the EC's plan, these details would be made available to police for the investigations or prosecution of possible money-launderers or terrorist-related funding.
If the bank or financial institution is not satisfied with the information it would have the right to refuse the transaction.
The commission added, "the proposed measures will ensure that this information will be immediately available to the appropriate law enforcement authorities."
Since the 7/7 bombings, which have intensified the fear of further terrorist attacks in Europe, renewed resolve has been made by European Union officials to combat terrorism with affirmative action, an agreement reached after the September 11 attacks in the United States.
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