New measures to combat terrorist financing, by preventing money laundering and tightening cash flow checks, will be debated on Tuesday and voted on Wednesday.
Current differences between the EU countries’ ways of defining and prosecuting money laundering offences complicate cross-border police and judicial cooperation and create loopholes that criminals and terrorists can exploit.
The new measures, including EU-wide definitions and minimum penalties for money laundering, would improve enforcement in this area and act as a greater deterrent.
The new rules on cross-border cash movements aim to close loopholes by extending the definition of ”cash” to include gold and anonymous prepaid electronic cash cards, enabling authorities to register information about cash movements below the current €10,000 threshold and temporarily seize cash if they suspect criminal activity. Finally, “unaccompanied” cash, sent by cargo or post, would also have to be disclosed.
Procedure: ordinary legislative procedure, first reading agreement
Procedure Code: 2016/0414(COD), 2016/0413(COD)
Debate: Tuesday, 11 September
Vote: Wednesday, 12 September