EU asset registers and cash restrictions
Something is brewing in Brussels that many are not aware of. Parliament and the Commission have decided to monitor all assets of European citizens and to take action against the migration of wealth. To register all this, the AMLA (Anti Money Laundering Authority) was recently established. And we have to ask ourselves whether this is really about fighting money laundering or rather about fighting our financial freedom? What should we prepare for and which crisis investments can secure our assets?
The planned EU asset register is primarily about an EU-wide central beneficial ownership register plus an associated central account and safe deposit box register as well as central access to national real estate registers. This comprehensive surveillance raises the question: are we heading towards an EU-wide wealth tax or a burden-sharing system? The interference with our financial freedom continues to take concrete form.
In 2023 it was officially announced that the AMLA will have its headquarters in Frankfurt am Main. She is expected to start work in mid-2025 and will lead a team of over 400 employees.
What should this authority record?
- Luxury goods: All purchases of luxury cars, yachts and works of art must be registered. Luxury retailers must record the identity of their buyers and present it upon request.
- Investments and beneficial ownership: All investments and the associated beneficial ownership must be disclosed.
- Bank accounts and safe deposit boxes: All accounts and safe deposit boxes must be recorded.
- Real Estate: All real estate holdings must be disclosed.
- Vehicle registration: Vehicles are also subject to registration.
- Financial data: This includes all account information, mortgages, collateral and electronic payments.
- Personal data: Citizenship, registration, social security data, financial data, tax data and customs information are collected.
In addition, it is proposed to limit cash transactions above a certain amount. This measure is intended to help make money laundering more difficult.
However, the planned measures have raised concerns about their compatibility with EU law, national constitutions and fundamental individual freedoms. In particular, the far-reaching powers of the proposed EU authority and the restrictions on the use of cash are viewed critically. There are fears that these measures could lead to further restrictions on economic and individual freedoms and there are concerns about abuse of the powers provided. To address these concerns, increased lobbying and broader public debate are needed.
It remains to be seen how this discussion will continue and what measures will ultimately be implemented. The fact is: Asset protection must be undertaken as a precautionary measure before irreversible changes in the law adversely affect one’s own financial freedom. Crisis investments are and remain tangible assets, especially those that cannot be made “worthless” by restrictive changes in the law. The alternative tangible assets are led by rare investment colored gemstones such as ruby, sapphire and emerald. These colored gemstones are called investment colored gemstones because of their consistent value, which increases constantly over the decades and can secure wealth for generations. Your contact at the German Gemstone House will be happy to advise you on the best current investment opportunities.
