France to Press EU for Terror-Financing Crackdown After Attacks

French Finance Minister Michel Sapin will press other European Union nations to tighten rules on everything from debit cards to antiquities trading in an effort to stem financing of terrorists in the wake of last month’s attacks that killed 130 people in Paris.

The French Finance Ministry estimates that the terrorists who attacked Paris on Nov. 13 needed less than 30,000 euros ($32,400) to carry out their operation, meaning authorities need to be able to act on small transactions to be effective.

“European countries need to collectively rise to the level of the threat,” Sapin said in a speech in Paris last week.

At a breakfast meeting with EU finance ministers Tuesday, Sapin will seek stricter controls on prepaid debit cards, changes to the Society for Worldwide Interbank Financial Telecommunication payment system, more information sharing by national financial controllers within the EU and broader intra-EU powers to freeze assets of suspected terrorists, he told reporters.

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