EU governments move to choke terror funding

EUROPEAN governments yesterday vowed to step up efforts to sever terrorism’s financial lifelines.

British Chancellor Gordon Brown emerged from talks in Brussels to announce new momentum behind moves agreed after last year's Madrid bombings to seize the assets of terrorist groups and freeze bank accounts.

Following last week's London bombings he wants the details agreed immediately as a major plank in revised counter terrorism moves.

"Across Europe we will act as one to send a message to terrorists that, while lives have ended, the cause of justice never dies," said Mr Brown. "Terrorism will always be defeated by democracy."

Mr Brown had been chairing the first EU ministerial meeting under Britain's presidency of the EU.

He took the opportunity to urge fellow finance ministers to show solidarity by backing speedier measures to halt the flow of funds propping up terror groups.

"Last week's appalling attack on London was an affront to everything all democracies in Europe stand for," said Mr Brown.

"We stand together as we did after Madrid. The finance ministers are saying there will be no safe haven for the perpetrators of terrorism and no hiding place for those who finance terror."

He said the determination now was to implement in full an EU action plan agreed last year designed to deny terrorists access to the funding that sustains them.

Mr Brown pointed out that Britain had already seized £370,000 (€538,000) in 45 bank accounts across Britain as part of the post-Madrid commitment. Other European countries were now doing the same and they have now vowed to step up the efforts.

Mr Brown said there was now a drive to encourage countries outside the EU to join in what should be an international commitment to choke off terrorist funds.

He promised Europe's help to develop more sophisticated financial systems to boost their prospect of tracking and seizing terrorist assets.

He said he would be putting the issue on the agenda at meetings this autumn of the International Monetary Fund and the World Bank. Mr Brown said the action was vital, not just to deprive terrorists of cash, but because tracking financial transactions and bank accounts was a crucial way of helping solving terrorist crimes.

He pointed out that after the attacks on the US in 2001 the funding behind the atrocity was traced to one set of bank accounts in one bank in one part of America.