EU and European Banks Start Counter-Terrorism Database

On June 10, 2004, several major European Commission, in partnership with the four European Credit Sector Federations (European Banking Federation; European Savings Bank Group; European Association of Cooperative Banks; and European Association of Public Banks) started a new electronic database concerning persons, groups and entities, subject to European Union financial sanctions. The new database, which is publicly available on the Commission’s internet site at http://europa.eu..int/comm/external_relations/cfsp/sanctions/list/ consol-list.htm, will permit them to quickly freeze assets of persons or groups identified by the European Union as involved in terrorist organizations. The new database will permit banks and other European businesses to integrate into their IT systems the contents of an EU-approved list of persons linked with terrorism called the "electronic-Consolidated Targeted Financial Sanctions List (e-CTFSL).”