Germany plans new financial crime authority in bid to tackle money laundering

A flag flutters in front of the German finance ministy in Berlin, Germany, September 9, 2021, as German prosecutors raided the finance and justice ministries as part of an investigation into possible obstruction of justice by the government's anti-money laundering agency. REUTERS/Annegret Hilse/File Photo

BERLIN, Aug 23 (Reuters) - Germany wants to create a new financial crime authority that would bundle several fragmented competencies, including sanctions enforcement, said a finance ministry paper on Tuesday.

There are currently more than 300 supervisory bodies across Germany, a figure the finance ministry would like to reduce.

With the new authority, the finance ministry hopes to make it easier to tackle complex international money laundering cases, which have long been a weak spot for the country.

"We need to do better in many areas," said a government representative, referring to the fight against money laundering.

The current FIU unit, which receives suspicious activity reports, will work with the new authority, and a coordination unit will be set up to supervise the non-financial sector.

Details on the ministry's plans will be published this week.

Reporting by Christian Kraemer, Writing by Miranda Murray Editing by Madeline Chambers

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