Inquiry into money laundering and financing terrorism

Inquiry launched into money laundering and financing terrorism

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Saturday, 20, Dec 2008 12:01

A new inquiry into EU and international cooperation to prevent money laundering and financing terrorism has been launched.

The Lords EU committee's inquiry is set to be undertaken by the sub-committee on home affairs and will look at the role of the EU and its member states in global efforts to prevent the financing of terror as well as money laundering.

The committee will consider what impact the ruling of the European court of justice (ECJ) in the Kadi case will have on EU efforts to tackle the problem.

In the case in question, the ECJ ruled that the European Union could not implement a UN Security Council resolution to impose economic sanctions on Yassin Abdullah Kadi, an associate of Osama bin Laden, as he had not had the opportunity to put forward his comments on the proposed sanction order.

The case reflects an assumption by the ECJ that it has jurisdiction to review sanctions already imposed by the UN Security Council, the Lords claim.

Commenting Lord Jopling, chairman of the Lords EU sub-committee on home affairs, said: "The international, cross-border fight against terrorism will increasingly rely on cutting off terrorists sources of funding.

"In the modern world of lightening fast money transfers and terrorists using sophisticated financial vehicles to both generate and distribute funds it is vital that nations and international bodies such as the EU take steps to co-ordinate their efforts on preventing money laundering.

"Our inquiry will look at the EU's position on this vitally important matter particularly following the Kadi ruling. We invite written evidence from people with an interest in this issue and will begin to hear oral evidence in February."

Other areas to be investigated by the committee will be what the respective future roles of Europol and Eurojust will be in countering money laundering and terrorist financing and how effective cooperation is among and between financial intelligence units.