The European Commission wants to snuff out terrorist funding, a strategy that could include tight monitoring of cash and Bitcoin, and national account registers.

The commission is proposing new European Union rules as amendments to the continent's Fourth Anti-Money Laundering Directive, seeking a fast track to approval by summer.

The move to have tighter control over payments and currency flow comes in the wake of national security concerns over recent terrorist attacks in the European Union.

"We want to improve the oversight of the many financial means used by terrorists, from cash and cultural artifacts to virtual currencies and anonymous prepaid cards," EC vice president Valdis Dombrovskis said in a press release.

The commission needs to address new measures while "avoiding unnecessary obstacles to the functioning of payments and financial markets for ordinary, law-abiding citizens," Dombrovskis added.

In addition to tighter checks on financial flows from countries with less stringent controls, the EC is also proposing to widen the scope of information accessible by national and international "financial intelligence units."

Creating a centralized national bank and payment account registers or central data retrieval systems in all member states will be a key development needed to provide intelligence agencies with easier and faster access to information on the holders of bank and payment accounts, the commission said.

Under the new rules, Bitcoin exchanges would have to comply with tougher money laundering regulations, applying tighter customer due diligence and ending the anonymity associated with such exchanges.

The commission also proposes to lower thresholds for identification and widening customer verification requirements for issuers of prepaid cards.

Under a legislative proposal on illicit cash movements, the commission intends to extend the scope of the existing regulation to include cash shipped by freight or postal service and to allow authorities to act upon lower amounts of cash where there are suspicions of illicit activity.

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