Negotiators for the European Parliament and Council have informally agreed to new rules to improve law enforcement authorities’ access to financial data. The new measures would allow EU authorities to access bank account data to prevent, investigate and prosecute criminal activity. National competent authorities and financial intelligence units would be required to reply to any requests made by law enforcement in a timely manner under the rules. “We have taken another step in the fight against terrorism and terrorist financing. We know that timely information is crucial as criminal groups, including terrorists, use modern technology allowing them to transfer money very quickly,” Rapporteur Emil Radev said. The rules need to be approved by the Civil Liberties Committee and the entirety of Parliament and the council before they go into effect.
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