EU approves rules on tracing fund transfers to combat terror financing

Source:

Jihad Watch

Language:

English

Domain:

www.jihadwatch.org

More feeds from jihadwatch.org:

Dhimmi Watch

EU approves rules on tracing fund transfers to combat terror financing

13th Nov 2006, 16:53 GMT

Measures to halt terror financing are much-needed on both sides of the Atlantic. "Council approves rules on the tracing of fund transfers in order to better combat terrorist financing," from Europa, with thanks to Jeffrey Imm: The Council today adopted[1] a regulation laying down rules on information regarding the payer that accompanies transfers of funds for the purposes of prevention, investigation and detection of money laundering and terrorist financing.[2] The regulation transposes into Community legislation a special recommendation issued by a G7 financial action task force (FATF) in 2001, following the 11 September terrorist attacks in the United States. It is aimed at ensuring traceability of payments so as to prevent the financing of terrorists, by imposing identification requirements on payers and verification requirements on payment service providers. The regulation is intended to complement directive 2005/60/EC on money laundering and terrorist financing.[3] The regulation will be applicable in the member states on 1 January 2007, which is the target date set by the FATF.

View full story at www.jihadwatch.org

FeedsFarm.com > EU approves rules on tracing fund transfers to combat terror financing

Source:

Language:

Domain:

More feeds from jihadwatch.org:

EU approves rules on tracing fund transfers to combat terror financing

EU approves rules on tracing fund transfers to combat terror financing related news:

Latest news from Jihad Watch: