Controversial EU asset register proposal sparks debate on private information safety

• The EU is proposing a centralized asset registry to trace and handle property.
• Its goal is to combat cash laundering and to look at property linked to sanctioned individuals.
• Panayiotis Nicolaides expresses his help for this initiative.

The European Union is exploring a controversial proposal to create a centralized “Property Registry”, a complete database designed to trace residents' property throughout the bloc. The initiative goals to combat cash laundering and terrorist financing, however has additionally raised issues about privateness and information safety.

The proposed registry would cowl a variety of property equivalent to actual property, financial institution accounts, securities, automobiles, artwork and valuable metals. The ultimate listing might be decided based mostly on the outcomes of the feasibility research and subsequent legislative selections.

After Russia's battle towards Ukraine, leaders from the EU, Canada and the US created a transatlantic process drive to impose monetary sanctions. In an effort to higher monitor unlawful forex transactions, the EU has proposed a linked asset register that will serve all its member states.

The initiative goals to assist nationwide authorities confirm property or approved individuals in secure deposit packing containers linked to sanctioned individuals or drug traffickers.

In the meantime, the union pressured that the proposed asset register wouldn’t introduce new privateness issues, however fairly present information to related authorities in all member states underneath EU information safety guidelines.

Commenting on the event, Panayiotis Nicolaides, Director of Analysis on the EU Tax Observatory, mentioned:

“In our analysis, we suggest the institution of a complete European asset register, the place the precise possession of property and property is correctly recorded. This may enhance inequality, as would honest and progressive taxation that’s based mostly on correct measurement of wealth.

He additionally famous that the centralized European asset register goals to consolidate the required monetary data from all EU member states.

All in all, the EU's consideration of a centralized asset register is a big step in the direction of bettering monetary transparency and combating unlawful actions. Nevertheless, the specifics and scope of its implementation might be decided solely by the outputs of the feasibility research and subsequent legislative processes.