Germany Set to Establish a New Financial Crime Authority

The German Finance Ministry has revealed its plans to create a new financial crime authority that would bring several fragmented competencies, including sanctions enforcement, under one roof.

Reportedly, Germany currently has more than 300 supervisory bodies, and the country's finance ministry has sent a clear message that this number should be reduced.

One solution is to create a new financial crime authority that would incorporate multiple competencies under one umbrella. As a result, the country should have an easier time solving difficult international money laundering cases.

The new authority would be backed by the current FIU unit, which receives suspicious activity reports. As for the non-financial sector, a coordination unit will be established to supervise it.

(Source: The Paypers)