European Commission 26 July 2005, Proposal for a Regulation of the European Parliament and of the Council on information on the payer accompanying transfers of funds

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The proposed regulation aims to implement the Financial Action Task Force's (FATF) Special Recommendation VII on electronic funds transfers into EU law, requiring essential information about the originator to accompany such transfers. Key provisions include ensuring that payment service providers maintain accurate and accessible information to aid authorities in combating money laundering and terrorism financing. The regulation emphasizes uniform application across the EU to enhance the effectiveness of the legal framework against terrorism financing while minimizing administrative burdens on the payment sector.AI