Stopping terrorists' access to financing

, 12-09-2018 - 13:03
Euro Currency: Stacks of 5, 10, 20 and 50 euro notes piled together

The EPP Group insists on improved controls of cash at Europe's external borders to fight the financing of terrorism and organised crime. The European Parliament today approved new regulations in this regard. New forms and means of financing used by terrorists and criminals such as liquid commodities, anonymous pre-paid cards, and money sent by post are to be systematically controlled under the new legislation.

Emil Radev MEP, the EPP Group’s Spokesman on the proposal in the Civil Liberties Committee, said: “Terrorists cannot carry out their intentions without sufficient financial sources. Unfortunately, following the tragic experiences of terrorist attacks in Europe, it has become clear that there have been loopholes in our system of registering cash crossing the EU borders. This is why the EPP Group set the prevention of terrorism financing as one of our key priorities in the fight against terrorism. Today, we took an important step in delivering our goals. However, we made sure that while these loopholes are being addressed, better common rules are being set and information is being shared between the Member States, we won’t increase administrative burdens for EU citizens sending money from and within the EU.”

“This dossier is relevant for the security of the cash entering or leaving the Union. Our work has produced a positive result and I am proud to represent the EPP Group”, added Fulvio Martusciello MEP, the EPP Group's negotiator in Parliament's Economic and Monetary Affairs Committee. “One important aspect is the fact that collecting penalties remains something to be decided by Member States, however an equivalent deterrent must be constituted across the EU, forming a condition that goes against the ‘penalty shopping’ principle for criminals. Also, automatic exchange of information has been implemented and the role of the EPP Group, as always, is to participate actively in order to obtain very positive results."

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