enquiry into European Union (EU) measures and international
cooperation to prevent money laundering and the financing of
terrorism.
The enquiry will be conducted by the house’s EU Home Affairs
Sub-Committee which will evaluate what impact a ruling of the
European Court of Justice (ECJ) in the so-called Kadi case will
have on EU efforts to tackle money laundering and terrorist
financing.
Go deeper with GlobalData
In essence, the Kadi case had its origins in the EU’s freezing
of funds of Saudi Arabian businessman Yassin Kadi in the immediate
aftermath of the 11 September terror attacks in the US. The funds
had been deemed by the United Nations to be associated with
al-Qaeda, Osama bin Laden or the Taliban.
A case against the EU’s action was heard by the ECJ which in
September 2008 ruled in Kadi’s favour.
According to legal opinion expressed in the UK media, the ECJ
will now be obliged to rule in favour of all individuals who have
had funds frozen by the EU for similar reasons as in the Kadi
case.
Commenting on the enquiry, EU sub-committee chairman Lord
Jopling said: “In the modern world of lightening fast money
transfers and terrorists using sophisticated financial vehicles to
both generate and distribute funds, it is vital nations and
international bodies such as the EU take steps to co-ordinate their
efforts on preventing money laundering.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData“Our inquiry will look at the EU’s position on this vitally
important matter particularly following the Kadi ruling.”
