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...
Germany's controls against money laundering, terrorist financing and other financial crimes have improved dramatically since 2010, but sometimes only on paper, as erratic supervision, prosecution and enforcement limit the impact of those upgrades in practice.
German lawmakers unveiled plans Tuesday to breathe new life into their country's financial intelligence unit and repair the agency's relationship with law enforcement following multiple backlogs of suspicious transaction reports and a raid on the agency's headquarters.
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