Banks demand guideline over terror funds

4th January 2006, Comments 0 comments

4 January 2006, BRUSSELS — Belgian banks are urging the government to draw up clearer guidelines over the reporting of financial transactions in the so-called war against terror.

4 January 2006

BRUSSELS — Belgian banks are urging the government to draw up clearer guidelines over the reporting of financial transactions in the so-called war against terror.

In the past few years, banks have reported some 1,000 suspicious transactions to authorities on an annual basis.

Investigations by police and the intelligence services have indicated that several of these transactions were linked to terrorism, newspaper 'De Tijd' reported on Tuesday. 

Financial sector branch association Febelfin is now urging the federal government to draw up clearer guidelines on which transactions need to be reported.

Currently, banks must freeze the accounts of suspicious people or groups included on the UN and EU terror list. The banks must also report any suspect transactions.

However, a spokeswoman for the banking association, Marina De Moerlooze, said banks are bound by privacy laws and it is difficult to determine what transactions should be considered as being suspicious.

[Copyright Expatica News 2006]

Subject: Belgian news

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