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EU details plans to block terrorist financing

2 February 2016 22:51


The European Commission has unveiled tight new security measures to detect and block the flow of funds to terrorist cells and organizations.

The Commission, which is the executive arm of the 28-nation European Union, detailed the plans at the European Parliament in the French city of Strasbourg on Tuesday.

“We have to cut off the resources that terrorists use to carry out their heinous crimes,” Commission Vice President Frans Timmermans said in a statement.

“By detecting and disrupting the financing of terrorist networks, we can reduce their ability to travel, to buy weapons and explosives, to plot attacks and to spread hate and fear online,” he said.

The measures include stepping up efforts to track the sources and channels of the terrorists’ funds provided by certain countries .

Daesh Takfiri militants not only receive financial aid from countries such as Saudi Arabia, Turkey and Qatar, but also make money through the illicit trade of antiques and ancient artifacts, as well as the sale of crude oil.

Saudi Arabia’s rulers backed by Wahhabi clerics have directly and indirectly funneled billions of dollars to various terrorist organizations, such as the Daesh, al-Qaeda, Boko Haram, who are greatly influenced and derived by Wahhabi and Salafist teachings taught by Saudi clerics.

The commission will put forward the new security measures for review to EU finance ministers next week.

The proposals are planned to be implemented by all members by the end of the year.

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