Coalition agreement of the new federal government published

The coalition agreement of the new German government has been published. Among other things, it includes measures to combat money laundering and financial crime. The following key points are addressed in the agreement.

The bundling of competences

It is emphasised that money laundering and financial crime will be combated decisively. To this end, the federal government's competences in the area of financial crime are to be bundled and decisive improvements made in the fight against money laundering in view of the next Financial Action Task Force (FATF) audit.

Increased exchange and cooperation

In particular, the new government wants to improve the exchange and cooperation between the federal and state governments in the area of money laundering as well as with national and international organisations, the EU and the European supervisory authority AMLA.

Transparency and preventive measures

Gaps in the transparency register are to be closed. If one or more beneficial owners cannot be identified, legal transactions by legal entities that exceed a net amount of EUR 10,000 may not be carried out by persons subject to anti-money laundering obligations.

Seizure of suspicious assets

It is planned to create an administrative, constitutionally compliant asset investigation procedure with the aim of seizing suspicious assets of considerable value if doubts about a legal acquisition cannot be dispelled (suspicious wealth order). In addition, existing asset confiscation instruments will be further developed and expanded to include a confiscation procedure for assets of unknown origin.