EU wants to register all citizens' assets

The European Commission is considering a new register to register all citizens' assets. This should include not only properties in the form of real estate, land and shares, but also assets such as precious metals, cryptocurrencies, jewellery, works of art, cars and boats. This is according to a new document entitled 'Feasibility Study for a European asset registry'.

According to the European Commission, such a register is necessary to prevent tax evasion and money laundering. It gives the authorities more information to map money flows. It is clear from the text of the proposal:

"The collection of data and the interconnection of registers is an important tool under EU law to speed up competent authorities' access to financial information and facilitate cross-border cooperation. This project explores different options for gathering information with a view to setting up an asset register that can then be used for a future policy initiative.

It will explore how to analyse information from different sources on asset ownership (e.g. land registers, companies registers, trusts and foundations registers, central depositories for securities holdings, etc.) and what the design, scope and challenges of such a Union asset register could look like. The possibility of including data on the ownership of other assets, such as cryptocurrencies, works of art, real estate and gold, in the register will also be examined."

Financial repression

Although this is only a proposal, it is a very worrying development. It gives governments even more insight into the assets of citizens, on top of the information they already collect. It is striking that the proposal only highlights the interests of governments, regulators, banks and NGOs and does not take into account the interests of European citizens. Nor does the proposal make clear why a more detailed registration of assets is necessary.

Under the guise of money laundering and terrorism, the freedom and privacy of citizens is further affected by such a register. Governments use it as an excuse to exert more control over their own population. From Different angles There is therefore strong criticism of the proposal. According to German politician Markus Ferber, the European Commission is overstepping its bounds. "These plans are totally disproportionate. The relationship between the citizen and the state reminds me of China, not of EU member states."

Surveillance State

The German newspaper Die Welt concludes that with this register all possessions of gold and bitcoins can be traced, while the Austrian newspaper Die Presse is reminiscent of a chapter from Orwell 1984. According to the Austrian Kroner Zeitung In practice, such a registration of assets is impracticable and, moreover, very costly. According to the German magazine Focus, the EU wants to improve the wealth of all people down to the last penny Mapping:

"If this register were to come into being, the consequences would be obvious. For example, it will be much more difficult in the future for politically disagreeable citizens - and not only criminals - to continue their activities. For example, they may be investigative journalists or whistleblowers, who are threatened with more targeted reprisals.

The control of financial flows, investments and assets is contrary to human dignity. Under the guise of preventing money laundering, we are all being vetted. Now is the time for civil disobedience. People have to take to the streets, like the yellow vests in France."

The mapping of capabilities is the next step in tightening the control of citizens. Earlier, the European Commission called for Stricter supervision cryptocurrency providers. She wants to register all crypto addresses, so that there is an end to anonymous transactions. This summer, the European Commission also adopted a directive Drawn up to prohibit transactions of more than €10,000 in cash throughout the European Union. This is a worrying development, even for savers who have nothing to hide.

This contribution was made from Geotrendlines

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