On 20 December 2017, EU ambassadors confirmed the political agreement reached between the presidency and the European Parliament on strengthened EU rules to prevent money laundering and terrorist financing.
The draft directive has two main objectives:
- preventing the use of the financial system for the funding of criminal activities;
- strengthening transparency rules to prevent the large-scale concealment of funds.
The aim is to close down criminal finance without hindering the normal functioning of financial markets and payment systems. Amending directive 2015/849, the agreed text seeks to balance the need for increased security with the protection of fundamental rights and economic freedoms.
The proposal is part of a Commission action plan against terrorist financing, established in 2016 following a spate of terrorist attacks in Europe.
"Today's agreement is an important step in removing the means available to terrorists", said Toomas Tõniste, minister for finance of Estonia, whic
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