Germany Reorganizes Approach to Combat Financial Crimes
Efforts to Improve Investigation Methods
In a bid to combat financial crimes, Germany’s government is reorganizing its approach to tackling money laundering and other related offenses. The Federal Ministry of Finance has established a new authority, the “Federal Higher Authority to Combat Financial Crime” (BBF), which brings together the expertise of three previously separate entities: the Federal Financial Crime Office BFKA, Financial Intelligence Unit FIU, and Central Office for Money Laundering Supervision.
The Government’s Goal
The government’s goal is to improve cooperation between law enforcement agencies, financial institutions, and other authorities to effectively combat financial crime. To achieve this, Germany has approved a draft law, known as the Financial Crime Combating Act (FKBG), which reorganizes the fight against financial crime, particularly money laundering.
Strengthening Cooperation
According to German Federal Minister of the Interior and Homeland Nancy Faeser, the country’s law enforcement agencies will continue to expand their financial investigation capabilities and promote cooperation between authorities. The government is also seeking to strengthen ties with the financial sector to better combat financial crimes.
Conference on Financial Crime Investigation Methods
The conference “Financial Crime Investigation Methods” aims to support this effort by bringing together public prosecutors, police, customs, financial, and administrative authorities to share best practices and learn from each other’s experiences. The event will feature expert speakers from Germany’s Federal Criminal Police Office (BKA), Financial Intelligence Unit, and other authorities, as well as international experts from Italy’s Guardia di Finanza.
Key Topics to be Discussed
- Nationwide Situation on Money Laundering and Asset Recovery: Experts will discuss the current state of money laundering in Germany and the challenges posed by asset recovery.
- New Risk Assessment Systems at the Financial Intelligence Unit: The conference will touch on new risk assessment systems being implemented at the Financial Intelligence Unit to better detect financial crimes.
- Cooperation between German and Italian Financial Law Enforcement Agencies: Experts from both countries will discuss their cooperation in the fight against money laundering.
- Organizational Developments at the State Level: The example of Baden-Württemberg will be used to illustrate organizational developments at the state level.
Challenges Ahead
Despite progress made in recent years, experts agree that there is still a legal need for action to combat financial crimes. The role of money laundering in clan crime and the challenges posed by digital currencies are just two examples of the complex issues facing law enforcement agencies.
The conference “Financial Crime Investigation Methods” aims to promote cooperation and knowledge-sharing among those involved in fighting financial crimes, ultimately helping to protect the country’s financial system and economy.