News

German officials have scrapped a proposal to create and incorporate a specialized unit for locating and potentially seizing unexplained wealth into a new anti-financial crime agency set to launch in January. Germany's Finance Ministry on Sept. 13 published a 206-page bill intended to furnish the planned Federal Office for Combating Financial Crime, or BBF, with the necessary powers and resources to pursue major money-laundering cases, analyze financial intelligence, tackle sanctions evasion and supervise non-financial firms for anti-money laundering purposes. The current makeup of the Bundestag, Germany's legislative branch, and a formal agreement between the country's three ruling parties means the...