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

International Monetary Fund

No 2010/079, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: ISCR; CR; CFT; Germany; Anti-Money Laundering; proceeds; authority; CFT measure; CFT violation; CFT requirement; CFT supervision; CFT audit function; CFT effort; CFT system; CFT risk; ML offense; Anti-money laundering and combating the financing of terrorism (AML/CFT); Legal support in revenue administration; Terrorism financing; Money laundering; Europe (search for similar items in EconPapers)
Pages: 15
Date: 2010-03-26
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