Paris attacks prompt EU review of FIU operations

The Paris terror attacks have prompted an urgent meeting of the EU Council of Ministers (for justice and home affairs) – on 20 November – to back strengthening and improving the operation of member states’ financial intelligence units (FIU). In formal conclusions, ministers asked the European Commission to develop proposals “to strengthen, harmonise and improve the powers of, and the cooperation between FIUs within the EU…” One key reform, said the conclusions, would be “the proper embedment of the FIU.net network for information exchange in Europol”, the EU’s police agency. The goal would be to ensure FIUs had “fast access to necessary information, to strengthen controls of non-banking payment methods such as electronic/anonymous payments, money remittances, cash-carriers, virtual currencies, transfers of gold or precious metals and pre-paid cards…” The improvements would also help FIUs fight illicit trade in cultural goods - a source of finance for Islamic State (IS), for instance.