German Parliament to adopt anti-money laundering revisions prior to summer recess.
After prolonged stalling, the Bundestag is likely to approve stricter anti-money laundering legislation before the summer recess, as per German Press Agency reports. The bill is slated for discussion on Wednesday by the Finance Committee, with a potential vote in this or the following week.
The proposed legislation will establish a new authority that will coordinate investigation, analysis, and supervision in instances of money laundering. The "Money Laundering Investigation Center" will operate with the full powers of investigative bodies in major international money laundering cases linked to Germany.
The intent is to disrupt suspicious financial transactions to uncover the hidden crimes. The strategy, dubbed "trace the cash" ("follow the money"), aims to directly identify professional accomplices and networks.
The bill previously underwent debate in the Bundestag, only to be shelved in the Finance Committee for several months. There were no significant objections raised within the traffic light coalition. Yet, the bill was not scheduled for a final reading on the agenda for quite some time. Financial State Secretary Florian Toncar expressed concern over potential "severe setbacks" due to the delay. Time is of the essence in implementation.
Recently, FDP financial politician Markus Herbrand announced: "At last, we are putting the money launderers on the defensive." Existing loopholes in money laundering prevention will be sealed off. The pressure on sanctioned individuals, for instance, from Russia, will also be augmented.
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Following the Finance Committee's discussion on Wednesday, the Bundestag is anticipated to endorse the Money Laundering reform bill during its summer session, aiming to establish an advanced Investigation center focused on money laundering cases. The approval of this center will significantly enhance Germany's efforts in combatting money laundering, especially in major international cases.
