act legal Germany (AC Tischendorf Rechtsanwälte) 13. December 2019

Germany Assesses Vulnerability to Financial Crime, Labels 3 EU Nations: High Risk

Germany is scheduled for evaluation by the Financial Action Task Force, or FATF, in Autumn 2020, prior to which the country must officially gauge its exposure to money launderers, terrorist financiers, corrupt officials and their professional facilitators.

Germany’s Finance Ministry fulfilled that obligation Monday by publishing a national risk assessment that acknowledges several of the country’s well-known shortcomings, such as its general failure to govern real estate for anti-money laundering purposes and fully address the threat of cross-border illicit finance that comes with its status as the EU’s export champion.

On ACAMS I, Dr. Thomas Altenbach (act legal Germany), former Compliance Director of Deutsche Bank, gives a critical assessment of the recently published national risk assessment. Read more about what he sees as further risks and why an action plan is so important for the future.