The German Government has announced that a new Federal Financial Crime Agency will be established as part of a set of reforms to strengthen the country’s fight against financial crime.
The following reforms have been announced:
- Combined analysis, criminal investigations, and supervision within the FFCA;
- Establishment of a Money Laundering Investigative Centre within the FFCA;
- Use of state-of-the-art technology to fight money laundering;
- Improved money laundering supervision in the non-financial sector;
- Establishment of a training and professional development programme within the FFCA;
- Improved quality of data in the Beneficial Ownership register; and
- Introduction of administrative asset investigations.
Firms with operations in or with Germany should remain up-to-date with forthcoming reforms and any potential implications.