EU Explores Controversial Asset Tracking System to Enhance Sanctions Enforcement
The European Union is considering the creation of a centralized “Asset Register” to track citizens’ assets across member states. This database, aimed at combating financial crimes such as money laundering and terrorist financing, would include various types of assets from real estate to precious metals.
The proposal has emerged in the wake of Russia’s war against Ukraine. It is part of a broader initiative by EU, Canadian, and US leaders to implement more effective financial sanctions.
While proponents argue that the register would aid national authorities in verifying assets linked to sanctioned individuals or criminals, the plan has sparked debate over privacy concerns.
The EU maintains that the system would operate within existing data protection rules, providing information only to competent authorities.
Panayiotis Nicolaides, Director of Research at the EU Tax Observatory, supports the idea, suggesting it could improve wealth measurement and promote fairer taxation. However, the specifics of the register, including the final list of tracked assets, will depend on the results of an ongoing feasibility study and subsequent legislative decisions.
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