Arab Press

بالشعب و للشعب
Saturday, Jul 12, 2025

Cash-rich Germany criticised by watchdog over money laundering

Cash-rich Germany criticised by watchdog over money laundering

Germany has been criticised by a global watchdog for failing to do enough to tackle money laundering, such as by prosecuting very few for the crime despite being one of the globe's biggest cash centres.

The report by the Financial Action Task Force (FATF), a global body that groups countries from the United States to China to tackle financial crime, deals a blow to the standing of Germany, which prides itself on a reputation for probity.

The assessment highlights a series of failings, including lack of control of those who handle large sums of money, such as estate agents, adding that while Germany understood the risks, it had not done enough to tackle them.

The FATF criticised, for instance, the disjointed nature of supervision, with more than 300 regional authorities responsible for monitoring such players, as well as a shortage of personnel.

Germany's score lags far behind France, which the FATF also recently assessed. The poor ranking means Germany will now have to report annually to the body in the coming years about its progress in tackling shortcomings.

Germany's finance minister, Christian Lindner, has acknowledged the problem, and pledged to centralise control, install additional staff and modernise the authorities' technology.

"We deal with the small fish, while the big fish get away," he told journalists earlier this week before the report's publication, adding that he would step up efforts to "follow the money".

The FATF said Germany prosecuted about 1,000 people for money laundering in 2020, despite opening more than 37,000 inquiries, a level of convictions it considered "very small".

Germany has more banks than another other country in the European Union while many Germans prefer using cash, which the FATF said made up three quarters of transactions. There is no upper limit on the size of cash transactions.

The FATF also flagged money laundering risks from hawala payments, which means 'transfer' in Arabic. The system is widely used in the Middle East, moving payments through a trusted network of agents who operate outside banks.

Germany has 11 million international migrants, the third-largest globally, according to the report.

The FATF urged Germany to take "additional measures ... to more effectively mitigate the risks in relation to cash and hawala services".

Konrad Duffy of Finanzwende, a group that lobbies for financial transparency, said German authorities needed more powers to tackle money laundering and that rules should be tightened to prevent buying properties in cash.

Comments

Oh ya 3 year ago
Not a problem. Germany will have not gas to heat their homes and run business this winter and they are now saying that there will be a toilet paper shortage. There will lots of uses for that paper money. They best use both sides before they throw it in the fireplace. Germany has vowed to keep punching themselves in the nuts until Russia surrenders

Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Russia Formally Recognizes Taliban Government in Afghanistan
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Germany Seeks Taliban Deal to Deport Afghan Migrants
Emirates Airline Expands Market Share with New $20 Million Campaign
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Qatar Airways Clears Backlog of Passengers Following Missile Threats
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
×