In an attempt to cut off the cash flow to terrorists – the European Union is planning to introduce new controls on money transfers.
The Commission is set to table a proposal requiring banks to register the name, address and account number of all those moving money – no matter how small the amount – between the EU and abroad. Without the data, banks will have to refuse the transfer. The plan is part of a series of proposals discussed by EU interior ministers at an emergency meeting in the wake of the London bombings on July 7. It was first suggested after the Madrid bombings in May last year. But, along with other anti-terrorism measures in the action plan, it has yet to become a reality. However, the UK and France have agreed to share more information on persons believed to promote extreme ideas. The British and French prime ministers, meeting on Monday, said there was also a need to fight radical Islam. Dominique de Villepin said Paris had been working on identifying mosques and community centres where violence was being preached.