Support Our Work Mailing list About / Contact
  • Home /
  • News /
  • 2016 /
  • July /
  • EU: New counter-terrorist financing rules: the "threat has grown and evolved recently"

EU: New counter-terrorist financing rules: the "threat has grown and evolved recently"

11 July 2016

Support our work: become a Friend of Statewatch from as little as £1/€1 per month.

The European Commission has published a proposal for new rules aimed at countering terrorist financing and money laundering that will amend the Fourth Anti-Money Laundering Directive, agreed in May 2015.

Proposed changes include obligations for "virtual currency exchange platforms" and virtual currency wallet providers to conduct due diligence checks on customers; limiting the anonymity of pre-paid cards by lowering the threshold (from 250 to 150 euros) at which sellers of cards will be obliged to undertake due diligence checks; strengthening the powers of Financial Intelligence Units; improving the ability of authorities to find out who owns bank and payment accounts; and introducing a harmonised EU approach towards "high-risk third countries".

See:

  • Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and amending Directive 2009/101/EC (COM(2016) 450 final, pdf)
  • Accompanying documents: Impact assessment (SWD(2016) 223 final, pdf) and Executive summary of the impact assessment (SWD(2016) 224 final, pdf)

    Our work is only possible with your support.
    Become a Friend of Statewatch from as little as £1/€1 per month.

    •  Previous article

    EU: New handbook on alternatives to prison

    Next article 

    EU-US: Privacy Shield gets the go-ahead

     

    Spotted an error? If you've spotted a problem with this page, just click once to let us know.

    Report error

    Statewatch does not have a corporate view, nor does it seek to create one, the views expressed are those of the author. Statewatch is not responsible for the content of external websites and inclusion of a link does not constitute an endorsement. Registered UK charity number: 1154784. Registered UK company number: 08480724. Registered company name: The Libertarian Research & Education Trust. Registered office: MayDay Rooms, 88 Fleet Street, London EC4Y 1DH. © Statewatch ISSN 1756-851X. Personal usage as private individuals "fair dealing" is allowed. We also welcome links to material on our site. Usage by those working for organisations is allowed only if the organisation holds an appropriate licence from the relevant reprographic rights organisation (eg: Copyright Licensing Agency in the UK) with such usage being subject to the terms and conditions of that licence and to local copyright law.

    About | Contact | Privacy Policy