The European Commission (EC) has said that it will issue a proposal to counter trade-based terrorist financing.
The EC sees this one of its key priorities in the implementation of its Action Plan on Terrorist Financing, which it published in February (Trade Based Financial Crimes, 29 February 2016).
The EC says in a newly issued memorandum that in early 2017, it will issue a proposal related to the powers of customs addressing terrorism financing related to trade in goods, and a proposal against illicit trade in cultural goods.
The commission will also issue a proposal on combatting fraud and counterfeiting via non-cash means of payment.
Proposals from the EC are also expected to include new measures to enhance the effectiveness of sanctions and asset freezing measures within the EU and in third countries.
Before these proposals are issued, the commission is expected to propose targeted amendments to the EU Anti-Money Laundering framework to address emerging terrorist financing risks and potential loopholes.
The complete EC memorandum can be found here.
Categories: Trade Based Financial crimes News