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Germany to Establish New Financial Crime Authority

Germany to Establish New Financial Crime Authority

by Starling Insights

Starling Insights Editorial Board

Sep 02, 2022

Observations

FATF Germany Regulatory Trends AML/CFT

Germany's Finance Ministry has recently announced intent to establish a new federal authority to fight money laundering, sanctions breaches, and other financial crimes.

The Financial Action Task Force (FATF) has called on Germany to improve coordination between its different supervisory and law enforcement authorities, and to provide adequate resourcing to ensure a consistent risk-based approach is taken. Some EUR 100 billion is believed to be laundered in Germany annually. Less than 1% of these funds are successfully identified and confiscated by the government.

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