European Commission adopts series of measures to combat financing for terrorist organizations, organized crime

The European Commission recently adopted a series of measures to strengthen the European Union’s (EU) ability to combat the financing of terrorist organizations and organized crime, which were included in the Feb. 2016 Action Plan Against Terrorist Financing.

The initiatives presented by the commission will help combat and reinforce the EU’s legal framework for money laundering, illicit cash flows and confiscating assets related to financing of terrorist organizations or various organized crime outfits. The measures were prepared by First Vice President Frans Timmermans, Vice President Valois Dombrovskis, along with Commissioners Dimitris Avramopoulos, Pierre Moscovici, Vêra Jourová and Julian King.

“Terrorism remains a major threat to our safety,” said Dombrovskis. “We must stay a step ahead to stop terrorists in their tracks and the fight against terrorism financing is part of it. That’s why today we are proposing that money laundering be subject to effective criminal sanctions right across the EU. We are proposing cross-border freezing and confiscation of criminal assets within the EU, and putting an end to criminals circumventing cash controls at the EU’s external borders.”

Measures included in the adopted proposals include tightening cash controls on people entering or leaving the EU with more than 10,000 euros in cash, ensuring victims of terrorism rights to restitution in cases of cross-border executions or confiscation orders, and improve the exchange of information between member states.