Germany Announces New Federal Financial Agency

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.