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In an attempt to combat
money laundering in Germany, a new financial crime authority
has been proposed.
There are currently over 300 supervisory bodies in Germany. But
the finance ministry believes it would be easier to target
international money laundering by having one major financial crime
authority in place.
Events in Germany have indicated an urgent need to coordinate
international financial crime cases. The Wire Card scandal involved
fraud on an enormous scale - fraud that was discovered too late.
That scandal demonstrated the shortcomings of the Federal Financial
Supervisory Authority (BAFIN), which is Germany's financial
regulator.
International financial crime cases require the use of many
resources, modern technology and staffing from both a prosecution
and defence perspective. Without these, large-scale money
laundering cases may only be discovered when it is too late.
After being criticised for its supervision being fragmented and
inconsistent, Germany's plans to establish a new financial
crime authority are in line with the latest Financial Action Task
Force (FATF) recommendations.
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