EU sets up a fresh office to monitor citizens

The European Union shall establish a fresh institution with its seat in German Frankfurt. The alleged Office for Combating Money Laundering and Terrorist Financing (AMLA) is simply a good name, but if we look at competence, we can no uncertainty call AMLA the Office for Control and Surveillance. AMLA is due to begin work in 2025, and the full operational capacity is to be acquired in 2028.

The EU is setting up a fresh organisational unit to monitor citizens. As her website says:"The Anti-Money Laundering and Terrorist Finance Office (AMLA) is simply a decentralised EU agency that will coordinate the activities of national authorities to guarantee the correct and consistent application of EU rules.

The aim of the EU body is to transform the supervision of the prevention of money laundering and terrorist financing (AML/CFT) in the EU and to strengthen cooperation between financial intelligence units (FIUs)".

A akin description can be found on Polish government website gov.pl:

‘AMLA's main duties will include:

– direct supervision of selected financial sector entities that carry out cross-border activities and pose a advanced hazard of money laundering and terrorist financing, as well as indirect supervision of another financial and non-financial sector entities;

– Supporting and coordinating financial intelligence units by facilitating joint analysis of cross-border cases, providing IT services and artificial intelligence services to enhance the ability of financial intelligence units to analyse data and the tools for safe exchange of information, including through FIU.net, a peculiar IT strategy enabling financial intelligence units to cooperate and exchange information;

– Completing EU anti-money laundering and terrorist financing government by developing regulatory and implementing method standards and issuing guidelines“.

As we can see, the institution has been standardised in the framework of expected safety concerns. In practice, however, the fresh office will be able to address requests to law enforcement authorities leading to frozen accounts, blocking transfers and searching housing. The institution is besides to be empowered to control confidential data of EU citizens.

Mairead McGuinness, Commissioner for Financial Services, stated that "The fresh body will monitor risks and threats inside and outside the EU, coordinate the activities of national supervisory authorities and financial intelligence units and straight supervise any financial institutions according to their level of risk". This besides means another truncation of national financial sovereignty.

OUR COMMENTS; All indicates that AMLA is simply a fresh threat to our privacy and the independency of the citizen. If the office in Frankfurt influences the blocking of a citizen's bank account in Poland, who will halt it from blocking our transfer, for example, erstwhile we want to support an anti-system political organization or right-wing social organization?

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