The European Union's policing agency said Thursday that Islamic militants are exploiting a growing nexus between organized crime and terrorism to secure financing and weaponry for new attacks.
EU plans to deter criminals from moving assets between member states have exposed wide-ranging vulnerabilities in the current legislative system, say analysts.
A plan to harmonize how EU nations define and enforce laws against money laundering could simplify compliance expectations for multinational financial institutions, say sources.
EU lawmakers seeking to strengthen the bloc's controls against financial crime beyond what is currently being considered will pitch more rigorous transparency requirements for trusts, virtual currencies, prepaid cards and bank and payment account holders.