By Henrietta Billings - 25th July 2005
The European Commission has unveiled new proposals designed to block terrorist financing within EU borders.
Under plans announced on Tuesday, all money transfers in the EU - including payments from or to third countries - must be accompanied by payment details.
The name, account number and address of the sender would transmitted with the funds - no matter how small the amount.
Payment details may then be accessed by government authorities tasked with detecting money laundering and terrorist finances.
"The objective is to cut off funding for terrorists, to make the environment increasingly harsh for terrorist financiers," said a commission official.
Recent terrorist attacks on London have prompted renewed EU level initiatives to boost anti-terrorist cooperation measures agreed in 2001 after the September 11 attacks on the United States.
"The fight against terrorism requires a sustained and focused effort on many fronts," said internal market commissioner Charlie McCreevy.
"One of these is to cut off the funding for terrorist actions."
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