Commission releases reports on fraud, AML and terrorist financing

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BRUSSELS – The European Commission has published two new reports: one on payment fraud and another on money laundering and terrorist financing.

The first report concerns the results of a study conducted last year and looks at steps taken to prevent non-cash payment fraud between 2004 and 2007. It highlights the importance of increased security for consumer confidence and suggests that upping commitment and information will produce better results than legislation. It is also hoped that the Single Euro Payments Area (Sepa) will foster improvements in security and trust.

The second report, Feedback on Money Laundering and Terrorist Financing Cases and Typologies, is the result of work done by the European Union Financial Intelligence Unit. The unit was created in 2006 to foster closer links between the financial intelligence units (FIUs) of individual EU member states. The report analyses the existing international structures and contains more specific examples and suggestions for trends observed, closer links between the FIUs and law enforcement bodies and EU level co-ordination.

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• Topics
• Anti-money laundering
• Financial crime
• Regulation