The EU proposes a centralized asset register to track and manage assets.
It aims to combat money laundering and verify assets linked to sanctioned individuals.
Panayiotis Nicolaides voices support for the initiative.
The European Union is exploring a controversial proposal to establish a centralized “Asset Register,” a comprehensive database designed to track citizens’ assets across the bloc. This initiative aims to combat money laundering and terrorist financing, but has also raised concerns on privacy and data protection.
The proposed register would encompass a wide range of assets, such as real estate, bank accounts, securities, vehicles, art, and precious metals. The final list will be determined based on the outcomes of a feasibility study and subsequent legislative decisions.
Following Russia’s war against Ukraine, leaders from the EU, Canada, and the United States formed a transatlantic task force to implement financial sanctions. To better monitor illegal monetary transactions, the EU proposed an interconnected asset register that would serve all its member states.
The initiative aims to help national authorities verify assets or safe deposit box beneficiaries linked to sanctioned individuals or drug traffickers.
Meanwhile, the union emphasized that the proposed asset register would not introduce new privacy concerns but rather would provide data to competent authorities in all member states under EU data protection rules.
Commenting on the development, Panayiotis Nicolaides, Director of Research at the EU Tax Observatory, stated:
“In our research we propose the establishment of a comprehensive European Asset Registry, where beneficial ownership of assets and wealth is properly recorded. This would improve inequality, as well as fair and progressive taxation that is based on proper wealth measurements.”
He also noted that a centralized European Asset Registry aims to consolidate necessary financial information from all EU member countries.
Overall, the EU’s consideration of a centralized asset register represents a significant step towards improving financial transparency and combating illicit activities. However, the outcomes of the feasibility study and subsequent legislative processes will determine the specifics and the extent of its implementation.
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