GERMANY: DEMOLISHING MONEY LAUNDERERS’ FAVOURITE COMFORT ZONE
March 26th, 2024
In August 2022 Germany’s finance minister Christian Lindner famously labelled Europe’s biggest economy a “money laundering paradise” and pledged to restore Germany’s AML reputation. The subsequent reforms are now picking up steam, with Mr Lindner’s finance ministry in November 2023 (1) proposing a Combatting Financial Crimes Act (Finanzkriminalitätsbekämpfungsgesetzes - FKBG) to reorganise Germany’s AML efforts, which was given first reading approval in the Bundestag in December (and is now under consideration in committee. Under the initial ...
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