EU Commission presents action plan to fight against terrorist financing & money laundering
The recent terror attacks performed in the EU and beyond have increased the need for the EU to formulate a stronger response to combating this terrorism.
Earlier this month the European Agenda for Security identified a number of new areas of focus;
- Tracing terrorists through their financial movements and preventing access to funds or other assets
- Disrupting sources of revenue for these terrorist organisations
“We have to cut off the resources that terrorists use to carry out their heinous crimes. By detecting and disrupting the financing of terrorist networks, we can reduce their ability to travel, to buy weapons and explosives, to plot attacks and to spread hate and fear online. In the coming months the Commission will update and develop EU rules and tools through well-designed measures to tackle emerging threats and help national authorities to step up the fight against terrorist financing and cooperate better, in full respect of fundamental rights. It's crucial that we work together on terrorist financing to deliver results and protect European citizens' security” - First Vice-President Frans Timmermans
The Fourth Money Laundering Directive
Tracking financial flows can help identify and pursue terrorist networks, with this the EU Commission expects the Fourth Anti-Money Laundering Package to represent a significant step in improving the effectiveness of the EU's efforts to combat the laundering of money from criminal activities and to counter the financing of terrorist activities. It must now be implemented swiftly by Member States. The commission has called member states to commit to this by the end of 2016.
Find out more
W2 Global Data has released a white paper covering the repercussions of the 'Fourth Money Laundering Directive (4thMLD)' you can download the white paper here:
W2 is also equipped to advise on the steps you can take now to ensure you business is compliant with the 4thMLD speak to us today.