In the Financial Times' Europe Express Sebastian Mack's proposal for an interconnected EU-wide asset register is discussed as remedy to enforce sanctions against Russian oligarchs.
Sebastian Mack's proposal focuses on the creation of an interconnected EU asset register, which would allow competent authorities in all member states to access data on a wide range of assets and their real owners. “By making ownership information available to all relevant authorities, an EU asset register would substantially dismantle financial secrecy and thus reduce blind spots that enable financial crime in the first place,” Mack says in the article. With the ongoing reform of the anti-money laundering rules, now is the perfect time to consider the creation of an asset register across national borders.
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