Development vs. terrorism: Money transfers and EU financial regulations in the UK

This article considers recent developments in the campaign to combat terrorist financing in Europe and the intersection of these measures with the flow of migrant remittances from the European Union (EU) to third countries. Migrants frequently leave behind families that they expect to support from their earnings. Measures to combat the financing of terrorism (CFT) and the related increase in anti-money laundering (AML) regulation make it increasingly expensive for migrants to share their wages with the family left behind. The result is a tension between the desire of migrant labour to send money home and fears of insecurity against the financing of terrorism. This issue is considered in the context of the new Regulation 'On Information on the Payer Accompanying Transfers of Funds'.