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M ive money laundering problem for real estate - politics, business and government must finally be proactive

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Home | Transparency International Germany e.V.

Transparency International Germany e.V. works all over Germany to fight effectively and sustainably and to curb corruption.

M ive money laundering problem for real estate - Politicians, business and government must finally be proactive

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The German real estate market is expected to wash billions of euros a year by serious criminals and corrupt persons from Germany and around the world. It is estimated that 15 to 30 percent of all criminal ets are invested in real estate. This is the conclusion of the study Money laundering in real estate in Germany by the anti-corruption organization Transparency International Deutschland e.V. It is clear to us: there is a m ive problem with money laundering in real estate in Germany. The current laws and the equipment of the investigating authorities are out of all proportion to the limitlessness of international financial flows, said Prof. Dr. med. Edda Müller, chairwoman of Transparency Germany. Know your customers - especially notaries are in the duty The money laundering law provides that real estate agents, notaries and lawyers observe the principle know your customer and submit suspicious transaction reports. Prof. Dr. Edda Müller emphasizes: The number of registrations in recent years shows that the key players report practically no cases and thus hardly contribute to the fight against money laundering. For notaries, in cases of suspicion in typical cases, the duty of confidentiality must be lifted. In addition, real estate agents, notaries and lawyers insufficiently examine whether their customers are politically exposed persons. Here, additional statutory test requirements for the source of funds already apply. In particular, the Federal Chamber of Notaries would require its members to have access to professional databases in order to be complied with. A transparency register worthy of its name The Transparency Register of true beneficial owners, established in 2017, is not sufficient to provide real transparency. The transparency register still has too many loopholes. It can not be that only representatives can be named instead of the true owners. Foreign companies that own real estate in Germany should also have to report their beneficial owners to the Transparency Register, says Markus Henn, author of the study and financial markets consultant at WEED. Centralizing and publishing the land register The digitization and centralization of the land registers by the federal states, which has already been decided, must be implemented swiftly. The central land register must be made public in order to allow an audit of owners and thus discourage money launderers, says Markus Henn. Offensive et recovery The reform of the law of et recovery in 2017 can be a powerful weapon in the fight against the introduction of criminal money. So far, this is not enough, as shown by a recent survey by Transparency Germany - also because courts, prosecutors and police would need to be better equipped. Prof. Dr. Edda Müller: In order for the law not to become a paper tiger, it needs adequate resources and resources. Strengthening structural yzes and investigations The Central Office for Financial Transaction Investigation (FIU) must also be better equipped to effectively evaluate the suspicious transaction reports and, moreover, structural Data ysis to be able to carry out international money laundering. Prof. Dr. Edda Müller emphasizes: The FIU needs access to all necessary data, such as the land purchase tax offices. Investigations by the police and prosecutors on money laundering also need to be strengthened and can be carried out independently of predicate offenses. The study is currently not available due to a legal matter and will be re-published in a timely manner.

Know your customer - especially notaries and notaries are required to

The office of Transparency Deutschland is closed from December 22, 2018 to January 01, 2019. We wish you a Merry Christmas and a Happy New Year! Your team at

Christmas 2018

Trust is a cornerstone of our democracy. If it is lost, it strengthens the political disenchantment and the extreme edges. Trust comes from openness. It is crucial that people understand and understand who, what, what and when, and why - what arguments and interests have won, what were the counter-arguments? When political decisions are communicated comprehensibly and verifiably, when not only the result but also the process is the subject of the discussion, there is the possibility of strengthening confidence in the system. Because then people can be a part of it. In addition to the main topic Politics & Lobbying - Transparency Creates Trust you will find, as always, a variety of news, reports from the club and some book reviews. If you would like to receive a print copy, please contact us by e-mail at [email protected].

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Home | Transparency International Germany e.V.

Transparency International Germany e.V. is working on an effective and sustainable fight against corruption in Germany.

M ive money laundering problem in real estate - politics, economy and public authorities must finally take an active stand

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