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Money laundering and terrorism

Geldwäsche Money Laundry

Schäuble upgrades special unit (FIU) in the fight against money laundering

According to a report in the Handelsblatt, the special unit responsible for the fight against money laundering and terrorist financing will be increased. So far, this unit has not been very successful. Especially the real estate sector is a gateway in this respect. At a meeting between Schäuble and the French Finance Minister Sapin following the Paris attacks, it was emphasised that each country should set up a unit responsible for tracking suspicious transactions. These bodies are called Financial Intelligence Units (FIUs). They were set up after the attacks of 11 September 2001. Currently, this suspicious transaction unit is located in the BKA and employs about 25 people. This unit is now to be subordinated to customs and increased to 150 officers. The previous task was to record suspicious activity reports and forward them to the public prosecutor’s office.

Tasks of the Financial Intelligence Unit – Central Office for Suspicious Activity Reports

In addition, the unit’s analytical capacity is to be strengthened. The unit is to collect and analyse information from different authorities. The aim is also to work preventively by comparing the information, e.g. by identifying new methods of money laundering. Due to the organisational requirements, the fight against money laundering in Germany is not considered to be very effective. This can be said, for example, about the monitoring of industries outside the financial sector, the control of which is in the hands of the countries. These controls take place little or not at all. Examples of industries that are little controlled are real estate agents or jewellers. This advances one point of the 10-point plan to prevent money laundering,

Hint: This text has been translated by an AI (German > English). Slight errors may occure.