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12/23/16

Money Laundering: EU tables new rules to counter money laundering- by Irene Kostaki

The European Commission on December 21 proposed the tightening of controls on cash and precious metals that are transferred to the bloc from non-EU countries.

The proposal is part of the EU’s action plan to cut financing to Islamic State. It comes after the December 19 attack in Berlin in which 12 people were killed when a truck ploughed into a crowd at a busy Christmas market.

Under the new proposals, customs officials in EU member states will be given the powers of checking freight payments via cards and prepaid/debit cards.

This means that anyone carrying more than €10,000 in cash will be required to declare this at customs when entering the EU.

EU officials also said some of the recent attacks in Europe were carried out with limited funds, sometimes sent from outside the EU. These amounts probably originated from criminal activities, such as drug dealing, according to Vera Jourova, the EU Commissioner for Justice.

She presented the Commission’s proposal on freezing terrorists’ financial resources and on confiscating assets – even from those who are only suspected of being connected to criminals.

“There are a lot of new ways of transferring money and not all of those are covered in the EU-US scheme,” Julian King, the Commissioner for the Security Union, told a news conference in Brussels. He also said the Commission will study the impact of a possible EU programme and “report back by next summer”.

Read more: EU tables new rules to counter money laundering

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