The federal and state governments cannot get the problem under control

New building in Berlin

The Court of Auditors has looked into the fight against money laundering outside the financial sector, and has also examined real estate deals, car deals and the art market.

(Photo: dpa)

Berlin Germany is a hotspot for money launderers. An estimated 100 billion euros are laundered every year in the Federal Republic for legal money. In view of this enormous sum, Federal Finance Minister Olaf Scholz (SPD) declared fighting a top priority in the summer of 2019. “Money laundering is a serious problem in our country,” emphasized the minister. In future, Germany should have “the highest international standards in the fight against money laundering”.

Almost two years later there is still no sign of it. In a classified report on the fight against money laundering, which is available to the Handelsblatt, the Federal Audit Office comes to an almost devastating verdict: The federal and state governments cannot get the problem under control at all.

“There is no effective money laundering supervision,” states the Court of Auditors and calls for drastic consequences that should make politicians and citizens sit up and take notice. In addition to a reorganization of the money laundering supervision, the auditors are also calling for the introduction of a cash limit.

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