Press Release: Commission welcomes Parliament agreement on measures to tighten controls on money transfers

The European Commission has welcomed the European Parliament's agreement at first reading on the Commission's proposal for a Regulation to tighten controls on money transfers in order to cut off funding sources for terrorists and other criminals (see IP/05/1008). The proposed Regulation would require that money transfers be accompanied by the identity of the sender including the name, address and account number. This would assist the appropriate law enforcement authorities in detecting and investigating terrorists and other criminals, and in tracing their assets. This proposal is part of the EU Plan of Action to Combat Terrorism and would bring EU policy into line with the recommendations of the Financial Action Task Force (FATF), the international body that sets standards to combat money laundering and terrorist financing. The Council of Ministers is expected to vote on the proposal in due course.