The European Commission adopted a package of measures to strengthen the EU’s capacity to fight the financing of terrorism and organised crime, delivering on the commitments made in the Action Plan against terrorist financing from February 2016.
The proposals being presented by the Commission will complete and reinforce the EU’s legal framework in the areas of money laundering, illicit cash flows and the freezing and confiscation of assets.
Presented alongside the third Progress Report on the Security Union, today’s proposals will ensure a strong and coordinated European response in the fight against terrorism financing, bringing the EU one step closer towards an effective and genuine Security Union.
First Vice-President Frans Timmermans stated: « With today’s proposals, we strengthen our legal means to disrupt and cut off the financial sources of criminals and terrorists.
We must ensure we have the right tools in place to detect and stop suspicious financial flows and to support better cooperation between law enforcement authorities so that we can better protect the security of European citizens. »
Vice-President Valdis Dombrovskis said: « Terrorism remains a major threat to our safety. We must stay a step ahead to stop terrorists in their tracks and the fight against terrorism financing is part of it.
That’s why today we are proposing that money laundering be subject to effective criminal sanctions right across the EU. We are proposing cross-border freezing and confiscation of criminal assets within the EU, and putting an end to criminals circumventing cash controls at the EU’s external borders. »
With these proposals, as highlighted in the third Progress Report towards an effective and genuine Security Union, the European Commission is strengthening the capacity of the EU to fight terrorism and organised crime, making it harder for terrorists and criminals to finance their activities whilst making it easier for the authorities to detect and stop their financial movements.
Detecting suspicious financial flows and cutting off the sources of financing is one of the most effective ways to stop potential terrorist attacks and criminal activities.
The tracking of financial flows can also provide police and law enforcement authorities with crucial information and effective tools for their investigations.