Brussels, 12/02/2016 (Agence Europe) - On Friday 12 February, European finance ministers endorsed the European Commission's action plan for a more effective fight against the financing of terrorism (see EUROPE 11481).
In a conclusions document adopted the same day, the Ecofin Council asks the Commission to present targeted amendments to the fourth anti-money laundering directive (2015/849) and also, if necessary, to the payment services directive (2007/64) in order to tackle anonymity on virtual money platforms such as Bitcoin and the anonymous use of non-bank prepaid cards.
Draft legislation to this effect will be unveiled by July, promised Euro Commissioner Valdis Dombrovskis. Alongside measures to boost cooperation among financial intelligence cells, he said that the Commission would present a black list in June of countries for which financial transactions risked financing terrorism and called for a harmonisation of definitions and penalties relating to the laundering of terrorism.
Cash payments. Dutch finance minister Jeroen Dijsselbloem mentioned the request from member states to consider by 1 May whether to introduce “restrictions on cash payments above certain thresholds” and “appropriate measures” for €500 notes. The European Central Bank has power over the circulation of euros, explained Dombrovskis.
Pleased with the work against the financing of terrorism, which is picking up at European level, French minister Michel Sapin told reporters that his country would introduce the measures from the European action plan early. He said it was to be expected that the use of the €500 note should be raised as it is mostly used to facilitate dishonest transactions. In the meeting, his Spanish counterpart said the impact of possible withdrawal of the €500 note needed to be explored. These makes up around a third (€300 billion) of the value of all euro notes in circulation.
In the conclusions documents, the ministers added a paragraph, upon request from France, calling on the Commission to unveil proposals to boost the fight against the trafficking of cultural goods. (Original version in French by Mathieu Bion)