nik on Nostr: So € 114 billions are spent every year in EU to catch 1% of criminal transactions; ...

So € 114 billions are spent every year in EU to catch 1% of criminal transactions; considering that the total value of criminal transactions per year in Europe is estimated to be € 110 billions, they spend € 114 billions of our money to catch € 1,1 billions per year! 🤡🤡

Clearly this is done only to increase their surveillance tools against their citizens using their favorite evergreen excuse of protecting people and catching criminals!

Opt out! #Bitcoin

Thank you L0laL33tz (npub1mzn…6mak) 🫂

quoting
note1e0h…zwp3

Three weeks ago I wrote an article on the EU's new AMLR in Bitcoin Magazine, detailing how the EU passed ALM laws restricting the use of Bitcoin privacy tools without any data to back up their claims that privacy heightens money laundering and terrorist financing risks.

Alex Stachtchenko took it a step further and ran the numbers. For every Euro confiscated, 200€ are spent. This means that the EU's AML compliance costs of 144B Euro exceeds all money ascribed to crime per year at 110B Euro – and still, 99% of criminal profits escape confiscation.

Despite their absolute inefficiency AML laws continue to be expanded, subjecting all EU citizens to total financial surveillance for the price of catching 1%. It is a system that has grown completely out of control and is in no way proportionate to the right to privacy enshrined in the Charter of Fundamental Rights of the European Union, the UN's Universal Declaration of Human Rights, and the International Covenant on Civil and Political Rights.

It's a long read, and its in French so you'll need to translate it, but I guarantee that it will be worth every minute of your time.

BM article:
https://bitcoinmagazine.com/legal/eu-parliament-adopts-aml-laws-regulating-bitcoin-based-on-questionable-assumptions

Alex' article:
https://medium.com/@AlexStach/les-d%C3%A9rives-de-la-surveillance-financi%C3%A8re-menacent-nos-d%C3%A9mocraties-323fbdc1ccbf