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

March 26, 2010

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Format: Chicago

Germany: Report on Observance of Standards and Codes-FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism, (USA: International Monetary Fund, 2010) accessed September 20, 2024

Summary

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.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Crime, Legal support in revenue administration, Money laundering, Revenue administration, Terrorism financing

Keywords: Anti-Money Laundering, Anti-money laundering and combating the financing of terrorism (AML/CFT), Authority, CFT, CFT audit function, CFT effort, CFT measure, CFT requirement, CFT risk, CFT supervision, CFT system, CFT violation, CR, Europe, Germany, ISCR, Legal support in revenue administration, ML offense, Money laundering, Proceeds, Terrorism financing

Publication Details

Pages:

15
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2010/079
Stock No:

1DEUEA2010002
ISBN:

9781451981827
ISSN:

1934-7685

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