France and Germany are looking closely at ways to block trade finance channels used to support the so-called Islamic State (IS).
The European countries are to focus on the financing channels used by IS for the art trade while continuing to target trade in oil by continuing to debilitate IS-controlled oil facilities with military strikes.
Visiting Berlin, French Finance Minister Michel Sapin and his German counterpart, Wolfgang Schaeuble said they would propose in December a package of new EU measures to cut off funding to militants.
They want to extend money laundering rules to include the art trade, as some IS sales of stolen art are made to European investors, while Sapin said it remained a priority to destroy IS controlled oil production facilities.
The two ministers also vowed to crack down on the use of prepaid bank cards that they said enabled anonymous cash transfers.
“We must fight every form of anonymity in funding flows,” Sapin said, adding that this included measures to curb precious metals smuggling in Syria, Iraq and neighbouring countries.
The ministers want a new EU money laundering directive to be adopted and implemented by all EU member states before mid-2017.
Categories: Trade Based Financial crimes News