Coalition agreement of the new federal government published

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

Bundling of competencies

The agreement emphasises a strong stance against money laundering and financial crime. To that end, federal competencies in the field of financial crime will be bundled, and decisive improvements in anti-money laundering measures are planned, particularly in preparation for the next Financial Action Task Force (FATF) evaluation.

Enhanced exchange and cooperation

The new government aims to improve cooperation and information exchange between the federal and state levels, as well as with national and international organisations, the EU and the European anti-money laundering 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 involving legal entities exceeding €10,000 (net) must not be carried out by obliged entities under anti-money laundering law.

Confiscation of suspicious assets

The government plans to introduce an administrative and constitutionally compliant asset investigation procedure designed to secure high-value assets when doubts about their legal origin cannot be dispelled (Suspicious Wealth Order). Existing asset confiscation tools will be further developed and supplemented by a confiscation procedure for assets of unclear origin.