Financial Crime Investigation Procedures in Germany Under Scrutiny as Database Overwhelmed
Background
The Financial Intelligence Unit (FIU) in Germany is responsible for detecting money laundering and terrorist financing. However, an unprecedented surge in suspicious transaction reports has put a strain on the agency’s ability to effectively investigate and prosecute cases.
Rise in Suspicious Transaction Reports
According to recent figures, the FIU received 144,005 reports in 2020 alone, a significant increase from 77,252 in 2018. This influx of information has led to concerns about the effectiveness of Germany’s financial crime investigation procedures.
Minimal Success in Prosecuting Cases
Despite the large number of reports, the agency has seen only minimal success in prosecuting cases. Out of 12,618 feedback messages from investigative authorities, there were only 79 verdicts.
Unmanageable Database
The FIU’s database, known as the “information pool,” is now unmanageable, containing over 282,584 suspicious transaction reports. The sheer volume of data has led to concerns about the agency’s ability to effectively analyze and process the information.
Obligations Under German Law
Under German law, various bodies, including banks, insurance companies, and real estate agents, are obligated to report any suspicious transactions to the FIU. Failure to comply with these obligations can result in legal consequences.
Analysis and Processing of Reports
The FIU uses its extensive search capabilities to analyze reports, including access to databases such as:
- Police information network (INPOL)
- Central Register of Foreigners (AZR)
- Central Public Prosecution Proceedings Register (ZStV)
Right to Information
Individuals whose data are stored in the FIU’s database have the right to request information about their personal data. If the FIU refuses to provide information, individuals can seek assistance from the Federal Commissioner for Data Protection and Freedom of Information (BfDI).
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