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Countries in the European Union should improve how they share financial intelligence, broaden their asset forfeiture laws and consider new legislation to fight the financing of terrorism, officials said Tuesday.
The European Commission will reapprove a controversial agreement to share data on terrorist financing with the United States despite criticism from EU lawmakers, according to an individual with direct knowledge of the matter.
In light of growing militant threats and increasing sophistication in terrorist funding networks, a handful of banks are rethinking how to monitor and act upon financial intelligence.
EU lawmakers will discuss controversies later this month surrounding an agreement to share data on terrorist financing with the United States after parliamentarians Thursday called aspects of the deal "unjust."
The European Parliament approved a plan Thursday to allow U.S. terrorism investigators access to international interbank messaging data under a set of conditions intended to protect EU bank privacy.
