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Combating the financing of terrorism

Since the attacks of 11 September 2001, combating terrorism has become a real global challenge and one of the main objectives of the European Union (EU). This regulation aims at contributing to the fight against terrorism by preventing the financing of terrorist activities.

ACT

Council Regulation (EC) No 2580/2001 of 27 December 2001 on specific restrictive measures directed against certain persons and entities with a view to combating terrorism [See amending act(s)].

SUMMARY

This regulation supplements the administrative and judicial procedures relating to terrorist organisations in the European Union (EU) and in non-EU countries. It aims to prevent and prohibit the financing of terrorist acts, i.e. intentional offences that by their nature or context may damage a country when committed with the intention of seriously intimidating the population, destabilising the country, etc. However, the regulation does not apply to persons and groups covered by the United Nations Security Council Resolutions 1267(1999) and 1390(2002), which are implemented by Regulation (EC) No 881/2002 on freezing the funds of certain persons and entities associated with the Al Qaida network.

The financial assets to which the regulation applies include:

  • funds;
  • economic resources;
  • financial assets of every kind;
  • insurances;
  • lending of all types;
  • guarantees and commitments.

These financial assets must not, directly or indirectly, be made available to nor be used for the benefit of certain natural or legal persons listed in the regulation on the basis of Common Position 2001/931/CFSP. Any financial assets belonging to these persons are also frozen. Banks and other financial institutions, as well as all other natural or legal persons in EU countries, are required to immediately provide any information that facilitates compliance with this regulation, subject to confidentiality and professional secrecy.

By way of derogation, this regulation does not apply to the addition of interest to frozen accounts. However, such interest must also be frozen. The authorities of EU countries listed in the Annex to the regulation may authorise:

  • the use within the EU of frozen funds for the essential human needs of a natural person included in the above-mentioned list or a member of his/her family;
  • payments from frozen accounts for taxes, compulsory insurance premiums and public utility service fees such as water and gas;
  • the unfreezing of funds or other financial assets or the rendering of financial services to a person with a view to protecting the interests of the EU, including the interests of its citizens and residents.

EU countries determine the penalties to be imposed where this regulation is infringed. The regulation applies not only within the territory of the EU, but also on board of any aircraft or vessel under the jurisdiction of an EU country, to any person who is a national of an EU country and to any legal person or entity incorporated or constituted under the law of an EU country or doing business within the EU.

REFERENCES

ActEntry into forceDeadline for transposition in the Member StatesOfficial Journal
Regulation (EC) No 2580/2001

28.12.2001

-

OJ L 344 of 28.12.2001

Amending act(s)Entry into forceDeadline for transposition in the Member StatesOfficial Journal
Regulation (EC) No 745/2003

30.4.2003

-

OJ L 106 of 29.4.2003

Regulation (EC) No 1207/2005

29.7.2005

-

OJ L 197 of 28.7.2005

Regulation (EC) No 1957/2005

1.12.2005

-

OJ L 314 of 30.11.2005

Regulation (EC) No 1461/2006

4.10.2006

-

OJ L 272 of 3.10.2006

Regulation (EC) No 1791/2006

1.1.2007

-

OJ L 363 of 20.12.2006

Successive amendments and corrections to Regulation (EC) No 2580/2001 have been incorporated in the basic text. This consolidated version is for reference purposes only.

AMENDMENT OF ANNEXS

Annex – List of competent authorities of EU countries:
Regulation (EC) No 745/2003 [Official Journal L 106 of 29.4.2003];
Regulation (EC) No 1207/2005 [Official Journal L 197 of 28.7.2005];
Regulation (EC) No 1957/2005 [Official Journal L 314 of 30.11.2005];
Regulation (EC) No 1461/2006 [Official Journal L 272 of 3.10.2006];
Regulation (EC) No 1791/2006 [Official Journal L 363 of 20.12.2006].

Last updated: 29.03.2010

See also

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