Financial Crime World

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Financial Crime Definition in Germany: What You Need to Know About FIU

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In Germany, the Central Office for Financial Transaction Investigations (FIU) plays a crucial role in detecting and preventing financial crimes such as money laundering and terrorist financing. As the country’s primary financial intelligence unit, the FIU receives and analyzes thousands of reports each year from banks, insurance companies, real estate agents, and other entities.

Obligations to Report Suspicious Transactions

According to Section 49 of the Money Laundering Act (GwG), these bodies are obligated to report any suspicious transactions that may be linked to criminal activities. The FIU then reviews these reports for connections to money laundering, terrorist financing, or other offenses, and forwards relevant information to law enforcement authorities and intelligence services.

Reporting Numbers

The number of reports received by the FIU has been steadily increasing in recent years, with 144,005 reported in 2020 alone. This surge in reporting has led to an unmanageable database at the FIU, which now contains over 282,584 suspicious transaction reports.

Measurable Successes

Despite this influx of data, the FIU’s measurable successes have been limited. In 2020, only 79 reports led to a verdict, corresponding to a rate of just 0.6%. Charges were filed in 234 cases, representing a rate of 1.85% of feedback messages received from investigative authorities.

Search Capabilities

The FIU has extensive search capabilities at its disposal, including access to databases such as:

  • Police information network (INPOL)
  • Central Register of Foreigners (AZR)
  • Central Public Prosecution Proceedings Register (ZStV)

Data Protection Rights

Individuals whose data are stored in the FIU’s database have certain rights under German law. They can request information about whether their data are being held by the FIU, and if so, they may exercise their right to:

  • Rectification
  • Erasure
  • Restriction of processing

Contacting the FIU or BfDI

For more information on exercising these rights, individuals can contact the FIU directly:

Generalzolldirektion Financial Intelligence Unit (FIU) Postfach 85 05 55 51030 Köln Telephone: +49 (0)351 44834-55 E-Mail: info.fiu@zoll.de

Alternatively, individuals can file complaints with the Federal Commissioner for Data Protection and Freedom of Information (BfDI), which is responsible for enforcing data protection laws in Germany.