The Commission adopted a Communication outlining the main options for establishing a European Terrorist Finance Tracking System (TFTS). A European TFTS should have two main objectives. First, the system must contribute to limiting the amount of personal data transferred to the US. Second, it should contribute significantly to efforts to cut off terrorists' access to funding and materials and follow their transactions.
Given the political importance of the issue and its legal and technical complexity, this Communication will be the basis for a thorough discussion with the European Parliament and the Council before deciding on concrete proposals.