Privacy First is drawing attention to the risks to financial privacy and fundament rights arising from the European Union’s anti-money laundering and counter-terrorist financing (AML/CFT) framework. Over the past decade, the EU has increasingly shifted the responsibility of detecting financial crime from public authorities to banks, bookkeepers and other companies (called“obliged entities”). With a completely revised AML Package set to enter into force in mid-2027, this system will expand further, turning ordinary citizens and civil society organisations into subjects of systems of financial surveillance.

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