The present proposal for a Regulation aims to transpose Special Recommendation VII on “wire transfers” (SR VII) of the Financial Action Task Force (FATF) into Community legislation.
The proposal lays down rules on information on the payer accompanying transfers of funds, in order to ensure that basic information is immediately available to the authorities responsible for combating money laundering and terrorist financing, to assist them in their task.
According to its revised interpretative note, which was adopted on 10 June 2005, SR VII should be transposed by December 2006.