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Ecorys to study restriction on payments in cash to combat financing of terrorism

On behalf of the European Commission, Ecorys together with CEPS, will undertake a study on cash payment restriction. Cash-based economies and businesses are vulnerable to money laundering and financing of terrorism. As terrorist organisations such as the so-called Islamic State, Colombian FARC, ETA, Hamas, Boko Haram, and Al-Qaeda and its affiliates are largely dependent on the use, transfer and storage of cash, this study will mainly focus on the use of cash to finance terror. 
 
Current situation
Even if it is predicted that by 2022 more cashless payment methods will be used than the traditional way of payment in the European Union, there will be still remain a wide variation across countries in Europe as payment habits may vary greatly. As a result the main two questions that arise are: ‘How would the situation evolve without action at EU level?’
and ‘What (other) options are there addressing the situation – including national and EU measures?’
 
Objectives of the study
The ensure a high level of security to the EU and its citizens, as formulated in Article 67 TFEU, means how a high level of security through an effective fight against terrorism can be ensured. 
More precisely, enhancing prevention and detection of terrorism financing
and the creation on an EU level playing field to prevent divergent practices (for example differences in cash restriction, reporting obligations or thresholds) between Member States.
 
The study is expected to take place between July 2017 and February 2018. The study is supervised by the Department of Economic and Financial Affairs of the European Commission.  
 
For more information, please contact:
Brigitte Slot 
T +31 10 453 84 72