Germany: Report on Observance of Standards and Codes-FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism
IMF Staff Country Reports, March 26, 2010
Source details
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- Germany: Report on Observance of Standards and Codes-FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism
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Bibliographic details
- Published: March 26, 2010
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451981827.002
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.
Key Findings
- AML/CFT framework status:
- "Not fully in line with the FATF Recommendations."
- Legal and sanctioning issues:
- "Weaknesses in the legal framework and in sanctioning for noncompliance with AML/CFT requirements."
- Asset recovery practice:
- German authorities "regularly use a broad range of legal procedures to seize, confiscate, and forfeit property."
- However, authorities "confiscate and forfeit a lot less property than the courts issue orders for."
Subjects and Keywords
- 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
International Monetary Fund. "Germany: Report on Observance of Standards and Codes-FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism", IMF Staff Country Reports 2010, 079 (2010).