EU Proposes Tougher Tax Rules to Tackle Terrorism Financing

The European Commission filed a proposal to toughen up tax transparency rules in a bid to tackle money laundering and terrorism financing, the EU's executive body said on Tuesday in a statement.

MOSCOW (Sputnik) — The proposal envisages broader cooperation between EU Financial Intelligence Units, restrictions of anonymous payment options and tougher control over virtual currencies, among other measures.

"Today's proposals will help national authorities to track down people who hide their finances in order to commit crimes such as terrorism. Member States will be able to get and share vital information about who really owns companies or trusts, who is dealing in online currencies, and who is using pre-paid cards," EU Commission First Vice-President Frans Timmermans was quoted as saying in the statement.

The current proposal comes in line with the Action Plan the Commission adopted in February to target terrorist financing and money laundering.

The need to step up efforts to stem the flow of money to terrorist organizations came in the wake of the terrorist attacks in Paris that killed 130 people in November 2015.