Germany’s proposed “super authority” aims to combat money laundering beyond the financial sector by creating the Federal Office for Combating Financial Crime. This new agency would centralize investigative and supervisory functions, assisting state agencies with AML supervision, imposing fines, and handling complex international cases. The bill, expected to be debated soon, includes law firms, notaries, and companies classified as “traders of goods” under its watch.
German White-collar crime expert Daniel Zapf of White & Case commented in an GIR article that the new law could bring a powerful authority like BaFin and reminded multinationals to prepare for higher scrutiny on their AML obligations. Despite potential benefits in coordination, experts worry about overlapping responsibilities with existing agencies, leading to confusion and competition for skilled staff. The initiative responds to FATF’s criticism of Germany’s fragmented AML efforts but faces challenges in implementation and resource allocation.
Read the full article: Proposals for German AML “super authority” met with scepticism – Global Investigations Review
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Read the orginal article: https://www.whitecase.com/news/media/new-german-super-authority-combat-money-laundering
