By Chris Morris
BBC Europe correspondent, Brussels
The European Commission has proposed tighter controls on money transfers in Europe in an effort to cut off the funding of terrorism.
Transfers will be rejected without sufficient information
The plan is part of the EU's broader counter-terrorism strategy, which has been given renewed urgency by the bomb attacks this month in London.
Under the plan, any transfer into or out of the EU will be rejected if not accompanied by sufficient information.
Officials hope the measures will become law in the EU at the beginning of 2007.
Under the new proposals, banks and other financial companies will have to supply the name, address and account number of anyone sending even the smallest amount of money.
That procedure does not happen in most transactions at the moment. But if these proposals are approved, banks which receive money will have to reject a transfer if the relevant information is missing.
Any suspicious activity will have to be reported to the police.
Similar measures will come into force for transfers within the EU's single market - but the name and address of someone sending money will only have to be supplied on request.
The information on money transfers will have to be kept for five years - an international requirement.
A statement from Internal Market Commissioner Charlie McCreevy said the fight against terrorism required a sustained and focused effort on many fronts.
One of these was to cut off the funding for terrorist actions, he said.