Human Rights in Finance Foundation.EU Initiated Annulment Procedure for Travel Rule

“Last week [in August] I set up a foundation Human Rights in Finance.EU with Jacob Boersma to prevent further damage to human rights due to overly excessive antimoney laundering regulations,” Simon Lelievedlt wrote on Nostr.”On September 4, 2023, HRIF.EU submitted the documents that mark the beginning of a cancellation procedure at the General Court of the European Union. The foundation aims to cancel a regulation that requires the unnecessary disclosure of private data in payment transactions and future crypto-asset transfers.””The first step in this annulment action was made possible with the support of the Dutch public. After an appeal through the blog of founder Simon Lelieveldt, the podcast of Holland Gold, the BNR Cryptocast podcast, and BNR radio, the first funds were collected.””The main argument in this discussion is as follows: if every police officer can access the necessary data, then there is no more need to transmit highly sensitive private data (including your national ID) along with various transactions. The requirement to include this information in messages is unnecessary. Such a requirement constitutes an arbitrary infringement on privacy that goes against human rights.””We filed a letter to Dutch Ministry of Finance as well as to the UK, which will be the first country to start infringing on Eu rights of citizens and forcing UK companies to do so.””Now, on the one hand, we must wait to see what the Luxembourg court thinks of the Foundation’s request. On the other hand, we will continue to remind other governments and market participants of the clear unlawfulness of this Regulation.”Check out this Q&A for more details on the annulment procedure for the EU version of the FAFT Travel rule.

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