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EU adopts stronger rules to fight terrorism financing

Xinhua, December 22, 2016 Adjust font size:

The European Commission (EC) on Wednesday adopted a package of measures to fight the financing of terrorism and organized crime in the European Union (EU).

The proposals will reinforce the EU's legal framework in the areas of money laundering, illicit cash flows and the freezing and confiscation of assets, according to a Commission press release.

In the package, the EC proposed a new directive to criminalize money laundering, which will remove obstacles to cross-border judicial and police cooperation related to the money laundering investigation.

The EC also took strong measures on regulating large cash flows and freezing terrorists' financial resources.

European Commission First Vice-President Frans Timmermans stated: "With today's proposals, we strengthen our legal means to disrupt and cut off the financial sources of criminals and terrorists."

"We must ensure we have the right tools in place to detect and stop suspicious financial flows and to support better cooperation between law enforcement authorities so that we can better protect the security of European citizens," Timmermans added. Endit