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GERMANY UNDER SCRUTINY: GLOBAL STANDARDS FOR COMBATING FINANCIAL CRIME FALL SHORT

International Body Raises Concerns About Germany’s Efforts to Combat Financial Crime

The Financial Action Task Force (FATF), an international body that sets standards for preventing and combating money laundering and terrorist financing, has released a report highlighting concerns about Germany’s efforts to combat financial crime.

Areas for Improvement Identified by FATF Reviewers

While Germany has made progress in implementing FATF recommendations over the past five years, there is still much work to be done. The reviewers identified several key areas where improvements are needed:

• More efficient use of financial intelligence:
  • Germany’s Financial Intelligence Unit (FIU) needs to improve access to and use of its financial information.
• Better coordination between federal government and regional states:
  • Regulators need to work together more effectively to tackle money laundering.
• Increased risk awareness outside the financial sector:
  • Companies in non-financial sectors need to be aware of their anti-money laundering obligations.
• Improved Transparency Register:
  • Germany needs to ensure that precise and up-to-date information is available in the register.

Implications for Businesses Operating in Germany

The FATF report has significant implications for businesses operating in Germany. While the recommendations are not legally binding, they can impact a company’s reputation and business relationships.

Government Response

Germany’s government has already announced plans to establish a new federal-level authority to combat financial crime, which will bundle competencies and strengthen law enforcement.