Explanation of vote: Amendments to Motions for resolutions

A comprehensive Union policy on preventing money laundering and terrorist financing – Commission’s Action plan and other recent developments

The Pirates in the European Parliament voted against this resolution for the following reasons:

Motions for resolutions
[2020/2686(RSP)]

“Finding balance between preventing crime and privacy is always a tough issue. We do support a number of the proposed mechanisms: we do believe that registers of beneficial owners need to be transparent and real support for EPPO and OLAF is justified. However, parts of this resolution bring little help in actually tackling money laundering and terrorism, but thanks to broad terms and definitions pose a great risk to privacy and fundamental rights. This would be the case of a “broad application” of the “Know your customer principle” on crypto assets, eliminating the cash-like anonymity of digital funds that preserves our privacy. Virtual Assets are of minor relevance to the global financial system. Prosecution of abuse has so far been possible on the basis of the current rules. Other parts of the resolution are just plain wrong: Complete centralization of information provides no benefits and ample risks. We are also opposed to a blanket call for “strengthening” Europol as this would include further encroachments on fundamental rights. As Pirates we believe that we need to tackle financial crime. Sadly, this resolution is pursuing a good aim by proposing ineffective and excessive mechanisms that would interfere with everybody’s fundamental rights.”