Prompted in part by the findings that the September 11 terrorists moved money through German financial institutions, Germany enacted broad new money laundering legislation that will likely become law after the final vote on June 21. Under the new law, attorneys, accountants, real estate agents, tax advisors and notaries would be brought within its coverage and will be required to comply with the same Know Your Customer rules that banks and insurance companies must follow. The Law for the Improvement of the Fight Against Money Laundering and Terrorism requires those professionals to perform two new duties - obtain adequate identification...
print