Thursday, April 21, 2016

Finance: Germany, the study paradise for money laundering – ABC Online

Thursday, 04.21.2016, 07:57
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An open economy and lax controls – for experts, Germany is considered paradise for money laundering in the non-financial sector. A study for the Ministry of Finance shows that the risk of detection is low and the amount of dubious financial flows far greater.

In Germany in particular money laundering deals remain after a trial outside the financial sector undetected – and thus a majority of all illegal activities

the “dark-field in the non-financial sector”, for example in real estate transactions, in the car trade or on the art market -. must therefore be estimated at least 15,000 to 28,000 suspected cases annually. These are far more than the actual display, as is evident from the monthly report of the Treasury.



money laundering volume in Germany to more than 100 billion a year are

Overall, the money laundering volume in Germany is likely – moving at more than 100 billion euros per year – including catering and gambling. That would be about twice as much as the sum previously assumed.

The estimated financial volume of unreported suspected cases was significantly, they say, citing a study by Prof. Kai-D. Bussmann from the Martin Luther University of Halle-Wittenberg for the Treasury. It should alone

Non-financial sectors comprise 20 billion to 30 billion euros. “All the money laundering volume of financial and non-financial sector in Germany should together therefore exceed EUR 50 billion and probably be in the order of over 100 billion euros a year.”



amount in cash to minimize money laundering

the Ministry of Finance had recently recognized gaps in the fight against money laundering at the provincial level. In Germany, the federal states for the control in the non-financial sector are therefore responsibilities for real estate and building companies, car, boat and yacht trade and transactions with jewelry and art. Vulnerable are cash intensive hotels and restaurants, which would operate as a cover for money laundering. The financial sector analyzed the supervisory BaFin.

The study shows that Germany due to its attractiveness as a business location having an increased risk of money laundering. The money came largely from abroad. As a countermeasure was proposed with cash, among other things, a maximum in the payment. In addition, the “money laundering throughout the provinces subject to the supervision of the non-financial sector in Germany had a much greater priority to be given as bisher".

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PUSH – fingerprint or ID required – Ironically before Christmas: online shopping is now more complicated

 

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