EU agrees on new measures to prevent terrorism financing

BRUSSELS– The European Union (EU) ambassadors confirmed on Wednesday the political agreement reached between the current EU presidency and the European Parliament (EP) on strengthened EU rules to prevent money laundering and terrorist financing.

The new measures have two main objectives, preventing the use of the financial system for the funding of criminal activities, and transparency rules to prevent the large-scale concealment of funds, said an EU statement.

The measures are part of a European Commission action plan against terrorist financing, established in 2016 following a spate of terrorist attacks in Europe.

“Today’s agreement is an important step in removing the means available to terrorists”, said Toomas Toniste, minister for finance of Estonia, which currently holds the current EU presidency.

“It contains new measures that will help the authorities to better track financial flows and disrupt the financing of criminal networks,” he added in press statements.

Source: Kuwait News Agency