Monday 23 November 2015

France announces measures against terror finance

French Minister of Finances Michel Sapin, announced on Monday several measures against terrorist financing, 10 days after the deadly attacks that occurred in Paris killing 130 persons.

Sapin told news conference at the Bercy Economy and Finance Ministry in Paris, if terrorists carried out their attacks is because they manage to obtain financial resources in this country and abroad.

He said those behind what happened in the capital on November 13 used prepaid cards to organize the attacks. The operations generally involve modest sums, which prevents tractability. So, measures have to be tightened.

Therefore, such measures are related to the better coordination of services and greater control of small transactions, he said.

Currently, prepaid credit cards can be recharged without identity checks so long as they don’t exceed 2,500 euros over one year.

Details of stricter debit card rules, which are part of a wider set of measures to combat the financing of terror, are to be given in early 2016, the finance ministry said.

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