Banks back EU transfers plans
Banking establishments have collectively backed European Commission plans to keep tabs on all money transfers across the EU as part of a new initiative to tackle terrorism.
The commission is advising all banks to register the name, address and account numbers of all senders of monies in the EU. This data would be retained for five years and made available to police and law enforcement agencies.
Internal market commissioner Charlie McCreevy said the fight against terrorism necessitated “a sustained and focused effort on many fronts”.
And banks have now backed the rules, which require the approval of EU ministers and the EU parliament, despite the inevitable increase in paperwork they would bring.
The chief legal advisor at the European Banking Federation, Robert Priester, said: “It brings about further duties and obligations, but the banking sector has given this proposal its full support.”
