European Union governments backed a proposal to fight funding of terrorism and crime by requiring banks and attorneys to know more about customers and extending transaction-reporting requirements to retailers. The proposal, which seeks to enact recommendations by an international law-enforcement group called the Financial Action Task Force, won preliminary agreement of EU finance ministers in Brussels today. EU governments will wait for the European Parliament to pass the legislation before formally approving it. The legislation requires businesses such as jewelry dealers and art galleries to monitor suspicious transactions and report cash purchases of more than 15,000 euros ($20,000). Customer- verification rules for banks and attorneys would be tightened by requiring them to verify who owns the interests they represent. Full Story
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