OECD Criticizes Germany on Money Laundering (source WSJ)


The Organization for Economic Cooperation and Development has criticized Germany for not doing enough to fight money laundering and international terrorism, according to a German media report.

German weekly magazine WirtschaftsWoche said the OECD’s Financial Action Task Force on money laundering, known as FATF, has given Germany a deadline to change its laws.

“If Germany doesn’t take any concrete steps into this direction until June 2014, it will be included into the enhanced follow-up procedure or even be part of the listing procedure that is applied to high-risk countries,” German Finance Minister Wolfgang Schäuble wrote in the letter to Justice Minister Heiko Maas. The finance minister warned such a move would be bad for Germany’s reputation and called on Mr. Maas to quickly commit to necessary legal measures.

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