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In Germany, Pressure Builds on Banks to Monitor Real Estate Transactions

By Koos Couvée

The rigor with which real estate agents, notaries and even bankers in Germany pinpoint and report suspicious property transactions has come into question amid indications that criminals are increasingly using residential and commercial land deals to launder their profits, say sources. No official estimates exist for how much of Germany's €240 billion property market is attributable to illicit cash, but German investigators believe transnational crime syndicates and corrupt foreign officials invest billions of euros into real estate in the country each year, often from behind a network of legal entities and foundations. Public concern over soaring property values and opaque...

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