- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Neil Hodge2022-09-14T15:00:00
Germany has unveiled plans to tackle financial crime more effectively by creating a new federal authority to strengthen enforcement and improve coordination among the country’s current supervisors, of which there are more than 300.
On Aug. 24, German Finance Minister Christian Lindner presented a three-point plan to curb money laundering and other financial crimes in the country. The key aims are to set up a new body to oversee enforcement efforts and pool resources, provide training to produce more highly qualified financial investigators, and promote the digitalization and linking of company and property registers so the true owners of businesses can easily be identified.
“Germany must overcome its reputation as a money-laundering paradise,” said Lindner in a statement. “We are not afraid to take bold and decisive action. We will create strong and effective structures to make sure that honest players are protected from those who don’t stick to the rules.”
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Germany is set to establish its new Federal Bureau of Financial Intelligence as the country’s office overseeing monitoring and analysis of money laundering and sanctions enforcement, according to multiple reports.
Deutsche Bank confirmed its Frankfurt headquarters were raided by German prosecutors in relation to a money laundering probe regarding suspicious activity reports filed by the bank.
The European Central Bank believes the European Union’s proposed new anti-money laundering agency needs to have a wider scope of direct supervision and more staff if it is going to be effective.
The U.K. has an ongoing problem with money laundering, but recent changes to economic crime law and corporate registration requirements could bring more cases to court, according to consultancy KPMG.
Enforcement actions in the first half of of 2024 by the Treasury Department’s Financial Crimes Enforcement Network highlight the importance of proactive measures in Bank Secrecy Act compliance rather than just being compliant.
The U.K Financial Conduct Authority published findings showing that financial services firms are implementing its guidance on politically exposed persons related to anti-money laundering inconsistently, with experts warning firms of reputational damage arising from potential enforcement.
