EU assets: transparency or intervention in your privacy?

EU assets: transparency or intervention in your privacy?

A central EU-wide asset register is planned to record essential assets from natural and legal entities. This register is intended to include 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 consider it as an essential step towards more financial transparency in the EU.

However, there are also critical voices. Dr. Peter Wainsreiter, 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 interference in the privacy of citizens and the risk of a loss of trust in state institutions. Data protection issues are also in the room after the European Court of Justice found in 2022 that a complete public inspection in such data was incompatible with fundamental rights.

data storage and access rights

The data should first be recorded at the national level and merged at the EU level at a later date. However, only government agencies such as financial and law enforcement authorities should be accessible; There is no public inspection in the register. Wagesreiter demands clearly defined legal limits for data access and emphasizes the need for the highest security standards to prevent potential data leaks and abuse. The register is expected to be introduced before 2025; However, the first legislative designs are in the works.

consequences and reactions

The EU also plans a new authority to combat money laundering and terrorist financing, which is to be set up in Frankfurt. This authority will take over the supervision of risky financial companies and acts as a central hub for data and information. Laws to combat money laundering should be formally accepted by the Council before publication in the EU-Office sheet, which reacted to civic claims that were expressed during the conference on the future of Europe.

critics, however, question the need for these measures and the influence on the trust of citizens in the EU. While the plans are increasing more extensive information about assets, the fears of a possible surveillance state and the loss of privacy remain. The discussion about the EU asset register remains a central point of dispute 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 report the reports of ots , europarl and lawy.