EU Action plan to fight against terrorist financing

The 4th Directive to combat money laundering and terrorist financing is not implemented but already the European Commission has moved towards new steps to tackle all the gaps of this directive. 

The Action Plan will focus on two main strands of action:

  • Tracing terrorists through financial movements and preventing them from moving funds or other assets;
  • Disrupting the sources of revenue used by terrorist organisations, by targeting their capacity to raise funds.

 There are both short term and long term initiatives:

Prepaid cards, virtual currencies and the gaps in the  EU-US Terrorism Financing Tracking Programme (TFTP) will all be tackled. 

In 2017 the Commission will table a legislative proposal to reinforce the powers of customs authorities to address terrorism financing through trade in goods. Another proposal will address the illicit trade in cultural goods.

A timeline to implement these actions has been published:

http://ec.europa.eu/justice/criminal/files/aml-factsheet_en.pdf

 

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