Following suit with the very controversial moves of China and India, the European commission has decided upon a new method of controlling cash. Their plan is to confiscate the gold and assets of anyone alleged of terrorism, or association with terrorists.
These confiscations would all be a part of the European Union’s “action plan against terrorist financing” which followed the Paris attacks in November 2015. However, the impetus to apply the new measures was only pushed after a truck went through a busy Christmas marketplace in Berlin on December 19, leaving 12 people dead and much more injured.
According to Reuters:
“Under the new proposals, customs officials in European Union states can step up checks on cash and prepaid payment cards sent by post or in freight shipments.”
European tourists won’t be able to avoid the clamp down either, as Reuters continues,
“Authorities will also be able to seize cash or precious metals carried by suspect individuals entering the EU.
“People carrying more than 10,000 euros [slightly over $10,450] in cash already have to declare this at customs when entering the EU. The new rules would allow authorities to seize money below that threshold ‘where there are suspicions of criminal activity,’ the EU executive commission said in a note.”
Officials of the European Union said that the terrorists had executed their attacks with small budgets that were financed by ‘criminal organizations’ that were located in other regions. Unfortunately, it is statements like this that provided them with the ability to restrict cash, and precious metals.
The U.S Department of Treasury then made an astounding comment about the new cash controls, saying:
“This is exactly the kind of program that Americans want and expect from their government to prevent further terrorist attacks.”
Of course, the plan doesn’t only effect terrorists working to obtain funding. Actually, it is leaving many innocent citizens at risk of being accused of terrorism unjustly and losing their wealth.
If you plan on conducted a transaction over $150.00 using a prepaid card you will be forced to show identification in order to complete the exchange.
Reuters reported that the new plans will work to compliment older proposals that followed the Paris attacks by tightening “controls on virtual currencies such as bitcoin, and prepaid cards, which French authorities said were used to fund the bombings.”
As per the usual, the proposals don’t indicate how they plan on identifying the criminals or alleged terrorists but instead focus almost entirely on the financial aspects.
“In the future, all EU member states will recognize the seizure of terrorists’ assets or the freezing of accounts in every EU country,” asserted EU Justice Commissioner Vera Jourova, according to Deutsche-Welle.
As of now, it is still unclear as to whether these measures could be useful at thwarting terrorist attacks or not. For that matter, it hasn’t been made entirely clear as to whether or not these methods will be effective at even preventing such an attack. Unfortunately, despite all of that, gold, precious metals, bitcoin, and prepaid cards over $150 can now be taken by the State at any moment, without warning, if you are accused of criminal activities.