• The EU is proposing a centralized asset register to trace and handle property.
• The aim is to fight cash laundering and determine property associated to sanctioned individuals.
• Panayiotis Nikolaides voiced his help for the initiative.

The European Union is contemplating a controversial proposal to arrange a centralized “asset register” – a complete database to trace the property of its residents – an initiative geared toward combating cash laundering and terrorist financing however which has additionally raised issues about privateness and information safety.

The proposed register will embody a variety of property, together with actual property, financial institution accounts, securities, automobiles, advantageous artwork, valuable metals, and so forth. The ultimate listing shall be determined based mostly on the outcomes of a feasibility examine and subsequent legislative choice.

Following Russia's battle in Ukraine, leaders of the EU, Canada and the US fashioned a transatlantic process pressure to implement monetary sanctions. To higher monitor illicit monetary transactions, the EU proposed an interconnected asset register that will apply to all member states.

The initiative is geared toward enabling nationwide authorities to determine recipients of property and protected deposit containers linked to sanctioned individuals and drug traffickers.

Nonetheless, the coalition harassed that the proposed asset register wouldn’t increase new privateness issues, however would somewhat present information to competent authorities in all member states underneath EU information safety guidelines.

Commenting on the event, Panayiotis Nikolaides, analysis director on the EU tax watchdog, stated:

“Our examine proposes the institution of a complete European asset register the place the helpful possession of property and wealth is correctly recorded. This would cut back inequalities and likewise guarantee truthful and progressive taxation based mostly on applicable measures of wealth.”

He additionally famous {that a} centralized European Asset Register goals to consolidate mandatory monetary info from all EU member states.

General, the EU’s consideration of a central asset register could be an necessary step in direction of bettering monetary transparency and combating criminal activity, though the end result of the feasibility examine and the following legislative course of will decide its particulars and scope of implementation.