EU asset register: transparency or invasion of your privacy?

EU asset register: transparency or invasion of your privacy?

A central EU-wide asset register is being planned to record significant assets of natural and legal persons. This register should include, among other things, bank accounts, real estate, securities, digital currencies and movable assets such as works of art. According to the European Commission, a feasibility study on technical and legal implementation was published in October 2024 to strengthen the fight against money laundering, terrorist financing and tax evasion. Supporters of the project see it as an essential step towards greater financial transparency in the EU.

However, there are also critical voices. Dr. Peter Wagesreiter, a financial law expert, expressed concerns about the recording of personal assets and their possible influence on informational self-determination. Critics warn of a possible invasion of citizens' privacy and the risk of a loss of trust in state institutions. Questions of data protection law are also at issue after the European Court of Justice ruled in 2022 that full public access to such data was incompatible with fundamental rights.

Data storage and access rights

The data will initially be collected at national level and later merged at EU level. However, only government bodies such as financial and law enforcement authorities should have access; There are no plans for public inspection of the registers. Wagesreiter calls for clearly defined legal limits for data access and emphasizes the need for the highest security standards to prevent potential data leaks and misuse. The register is not expected to be introduced before 2025; However, initial legislative drafts are in progress.

In addition to these plans, new EU anti-money laundering rules were adopted in April 2024, regulating access to beneficial ownership data for those with “legitimate interests”, such as media professionals or civil society. These registers should contain current data as well as information going back at least five years. Investigative authorities will be given increased powers to analyze suspicious activity and stricter surveillance rules will be introduced for people with total assets of at least €50 million.

Consequences and reactions

The EU is also planning a new authority to combat money laundering and terrorist financing, which will be set up in Frankfurt. This authority will oversee risky financial firms and act as a central hub for data and information. Anti-money laundering laws are set to be formally adopted by the Council before publication in the EU's Official Journal, responding to citizens' demands voiced during the Conference on the Future of Europe.

However, critics question the necessity of these measures and their impact on citizens' trust in the EU. While plans to provide more comprehensive information on assets increase, fears about a potential surveillance state and loss of privacy remain. The discussion about the EU asset register therefore remains a central point of contention in the area of ​​tension between data protection, state control and financial supervision.

For detailed information about the planned measures and their background, you can download the reports from OTS, European Parliament and anwalt.de call.