Chancellor Gordon Brown has called for more sophisticated financial systems to boost the prospect of tracking and seizing terrorist assets.
The Chancellor was speaking at a meeting of the 25 European finance ministers. It meets to co-ordinate economic and financial policy in the Union.
The Chancellor said: "Just as there will be no safe haven for those who perpetrate terrorism, there will be no hiding place for those who finance terrorism."
The matter will be discussed with the International Monetary Fund and the World Bank later this year. Mr Brown said the action was vital, not just to deprive terrorists of cash, but because tracking financial transactions and bank accounts was a crucial way of helping solving terrorist crimes.
Earlier, Foreign Secretary Jack Straw urged MEPs to support plans to retain phone and email records to help combat terrorism.
Members of the public can now use an online book of condolence to pay their respects following the bomb attacks on London.
