Germany's financial intelligence unit may soon be given the keys to confidential information kept by tax authorities, the country's finance minister said, but in return must provide law enforcement broader access to its own data to avoid any further operational delays. In a four-hour meeting with German lawmakers last week, Finance Minister Olaf Scholz faced an avalanche of questions about Wirecard, the Munich-based payments processor that filed for insolvency in June amid the fallout of a nearly €2 billion accounting fraud, and responded by pitching the government's plan to prevent a crime of such magnitude from being repeated. The plan...
The top official of an international group of 164 financial intelligence units has voiced concern that last week's unprecedented police raid on Germany's anti-money laundering body at the behest of state prosecutors could undermine its independence.
Investigators searched Germany's financial intelligence unit Tuesday over suspicions that staff failed to turn over intelligence linked to a money-laundering probe, in possible violation of criminal law.
German customs authorities dismantled a gold trading network that used legitimate firms in Germany, the United Kingdom and the United Arab Emirates to launder at least €45 million in drug proceeds, fueling calls for increased scrutiny of transactions involving precious metals.