On 2 February 2016, the European Commission presented an Action Plan on the fight against terrorist financing. It calls upon the Member States to transpose the Fourth Anti-Money Laundering Directive by the end of 2016.
The Commission also plans to propose a Fifth Directive before the beginning of 2016, including the following measures:
- Include a list of all compulsory checks that financial institutions should carry out on financial flows from countries at risk.
- Enhance the powers of EU Financial Intelligence Units and facilitate their cooperation.
- Implement centralised national bank and payment account registers.
Also having regard to the tracing of suspicious financial movements, the Commission wishes to include in EU law a “comprehensive common definition” of money laundering offences and corresponding sanctions in order to avoid obstacles to cross-border judicial and police cooperation. Cash shipped by freight or post will be included in the scope of the regulation, obliging anyone entering or leaving the EU to declare any cash sum exceeding EUR 10 000.
The finance ministers will discuss this Action Plan at the Ecofin Council on Friday 12 February.
Further information is available at the following link: http://europa.eu/rapid/press-release_IP-16-202_en.htm