EU ministers take new measures against terrorism

European Union ministers of finance and justice
will discuss new measures to prevent the funding of terrorism
at an extraordinary meeting in Luxembourg on 16 October. The EU
is expected to impose heavy financial sanctions against
financial institutions and countries suspected of laundering
money and to finalise the European arrest warrant
initiative.

The following issues will be discussed at the joint Council
of finance and justice ministers:

  • adoption of the Protocol to the Convention on Mutual
    Assistance in Criminal Matters between the Member States
    of the EU;
  • progress made and measures to be taken in the fight
    against terrorism;
  • money laundering and financial crime;
  • broadening of the mandate of Financial Action Task
    Force;
  • draft framework decision on the execution in the EU
    of orders freezing assets or evidence;
  • enhanced communication between Financial Intelligence
    Units, in particular in fighting terrorism;
  • international instruments (UN Security Council
    resolution 1333 and the International Convention on the
    Suppression of the Financing of Terrorism);
  • transparency of financial or asset holding
    bodies;
  • monitoring of cross-border cashflows;
  • report on actions to combat financing of
    terrorism;
  • protection of the euro against counterfeiting.

Under the proposed measures, banks will
be required to identify suspect customers and provide
details of their accounts to the authorities. Offshore tax
havens and countries with strict bank secrecy laws may be
blacklisted by the EU. 19 countries have already been
listed as “un-cooperative”, according to media reports.

The 13 candidate countries that want to
join the EU will also have to adopt European
money-laundering regulations. Hungary is reported to be on
the blacklist of suspect countries.

 

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