Germany; Report on Observance of Standards and Codes-FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism

This report reviews observance of standards and codes on the Financial Action Task Force (FATF) Recommendations for antimoney laundering and combating the financing of terrorism (AML/CFT) for Germany. The report reveals that the AML/CFT framework is not fully in line with the FATF Recommendations. There are weaknesses in the legal framework and in sanctioning for noncompliance with AML/CFT requirements. German authorities regularly use a broad range of legal procedures to seize, confiscate, and forfeit property, but they confiscate and forfeit a lot less property than the courts issue orders for.

MoreLess

Year of publication:	2010-03-26
Institutions:	International Monetary Fund (IMF) ; International Monetary Fund
Subject:	Bank supervision \| Banking sector \| Combating the financing of terrorism \| Financial institutions \| Financial sector \| Governance \| International cooperation \| Nonbank financial sector \| Reports on the Observance of Standards and Codes \| money laundering \| competent authorities \| due diligence \| suspicious transaction \| professional secrecy \| legal assistance \| value transfer \| financial intelligence unit \| control information \| terrorist act \| suspicious transactions \| supervisory arrangements \| transaction reports \| terrorist \| terrorist financing \| terrorism \| financing of terrorism \| law enforcement \| beneficial ownership \| criminal activity \| insurance intermediaries \| risk customers \| terrorist acts \| organized crime \| criminal liability \| suspicious transaction reports \| shell banks \| terrorist organizations \| internal controls \| legal entities \| suspicious transaction report \| precious metals \| terrorists \| terrorist activities \| insider trading \| negotiable instruments \| precious stones \| market manipulation \| risk profile \| predicate crime \| criminal justice \| foreign counterparts \| supervisory principles \| banking relationships \| international standards \| criminal offenses \| wire transfer \| business relationships \| laundering legislation \| law enforcement authorities \| legal entity \| risk ? customers \| criminal justice system \| foreign branches \| criminal offense \| conducting investigations \| legal arrangements \| risk scenarios \| audit function \| suspicious transaction reporting \| tax evasion \| supervisory authority \| transaction reporting \| supervisory responsibilities \| professional privilege \| assessment methodology \| enforcement authorities

More details

Extent:	application/pdf
Series:	IMF Staff Country Reports.
Type of publication:	Book / Working Paper
Notes:	The text is part of a series IMF Staff Country Reports Number 10/79 1 pages long
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10011244585