On 24 Aug 2022, German Finance Minister Christian Lindner presented the key points for a more powerful fight against financial crime and more effective enforcement of sanctions in Germany. In particular, the plans call for the most important competencies to be bundled under the umbrella of a new authority at the federal level – the Higher Federal Authority for Combating Financial Crime (BBF). These far-reaching measures aim to decisively curb financial crime in Germany.
Germany must no longer have the reputation of being a money laundering paradise. We have the courage to go big: with efficient and effective structures, we will ensure that honest merchants are protected from those who do not play by the rules.
Christian Lindner, Finance Minister
To effectively combat financial crime, the most important competencies will be bundled under the umbrella of a new authority: the Higher Federal Authority for Combating Financial Crime (BBF). All relevant functions and competencies will be brought together under it.
To be able to efficiently check ownership and beneficial owners, especially in the case of investigations or sanctions enforcement, all relevant registers are to be digitally linked. Until such comprehensive networking is implemented, easy-to-implement interim solutions should quickly provide immediate added value.
