July 30 2019
Germany’s government is unveiling a new law aimed at combating money laundering in the real estate sector. It’s estimated that billions in illegal earnings are funneled in to the German property market each year. German Finance Minister Olaf Scholz said the draft bill will bring Germany in line with “the highest international standards in the fight against money laundering.”
The law is expected to be approved by Chancellor Angela Merkel’s Cabinet on Wednesday. Among other changes, it will give the government’s Financial Intelligence Unit (FIU) greater powers and access to the data of other investigative authorities.
