Press Release: The Commission proposes new measures to tighten controls on money transfers

A proposal to tighten controls of money transfers in order to cut off funding sources for terrorists and other criminals has been presented by the European Commission. The proposed 'Regulation on information on the payer accompanying transfers of funds' would require that money transfers be accompanied by the identity of the sender including the name, address and account number. The proposed measures would ensure that this information would be immediately available to the appropriate law enforcement authorities and would assist them in detecting, investigating and prosecuting terrorists and other criminals and tracing their assets. This proposal came as a part of the EU Plan of Action to Combat Terrorism.

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