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European Council Approves New Regulation On Fund Transfers

by Ulrika Lomas, for LawAndTax-News.com, Brussels

09 November 2006


The Council of the European Union on Wednesday adopted a regulation laying down rules on the information about the payer which accompanies transfers of funds, for the purposes of prevention, investigation and detection of money laundering and terrorist financing.

The decision was taken by qualified majority, with the German and French delegations abstaining. It was taken at a meeting of the Economic and Financial Affairs Council, without discussion.

The regulation transposes into Community legislation a special recommendation issued by the Financial Action Task Force in 2001, following the 11 September terrorist attacks in the United States.

It is aimed at ensuring traceability of payments so as to prevent the financing of terrorists, by imposing identification requirements on payers and verification requirements on payment service providers.

The regulation will be applicable in the member states on 1 January 2007, which is the target date set by the FATF.


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