Germany: Financial Sector Assessment Program-Anti-Money Laundering and Combating the Financing of Terrorism-Technical Notes

International Monetary Fund

No 2016/190, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper sets out the findings and recommendations in the selected areas of Germany’s Anti- Money Laundering and Combating the Financing of Terrorism (AML/CFT) regime made in the context of the Financial Sector Assessment Program. It summarizes the findings of a targeted review of Germany’s money laundering offense, measures to ensure the transparency of legal persons, and the implementation of AML/CFT measures by banks with cross-border operations. According to the 2010 Mutual Evaluation Report, Germany is vulnerable to ML and FT for following reasons: its strategic location in Europe and large economy, open financial center, open borders, and strong international linkages.

Keywords: ISCR; CR; BaFin AML; CFT; offense; bank; information; audit report; CFT supervisor; CFT measure; onsite inspection; predicate offense; policy body; audit review; control measure; Anti-money laundering and combating the financing of terrorism (AML/CFT); Legal support in revenue administration; Auditing; External audit; Europe; Global (search for similar items in EconPapers)
Pages: 31
Date: 2016-06-29
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