Germany is preparing legislation to prohibit cash transactions in the real-estate market to step up efforts to fight money laundering and other financial crimes.
“Our national risk assessment shows that we need to do more in the real-estate sector,” Finance Minister Christian Lindner said Thursday in Berlin.
Lindner was speaking at a meeting of the Financial Action Task Force. Germany currently holds the presidency of the organisation, which sets international standards in the fight against terrorist financing and money laundering.
The FATF is expected in August to publish a report on Germany after examining the country’s record in fighting financial crimes. German financial regulator BaFin has been under scrutiny for failing to spot problems at payments firm Wirecard AG, which collapsed in 2020.
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