Rahman Ravelli
Rahman Ravelli Solicitors Logo
Rapid Response Team: 0800 559 3500
Switchboard: +44 (0)203 947 1539

About Us Expertise PEOPLE International Legal Articles News Events Contact Us toggle button for phone toggle button for search
Rapid Response Team: 0800 559 3500
Switchboard: +44 (0)203 947 1539
search
Rapid Response Team: 0800 559 3500
Switchboard: +44 (0)203 947 1539
search

Germany Plans New Financial Crime Authority

Author: Dr. Angelika Hellweger  7 September 2022

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.

angelika 08780r lores

Dr. Angelika Hellweger

Legal Director

angelika.hellweger@rahmanravelli.co.uk
+44 (0)203 597 9783 vCard

Download Profile PDF

View Profile

Angelika is a specialist in international, high-level economic crime investigations and large-scale commercial disputes. She has widely-recognised expertise in representing corporates and conglomerates in Europe, the Middle East, Africa and United States.

Share this page on