The German Parliament passed a raft of anti-money-laundering measures to bring the country in line with EU directives.
The reform packet imposes stricter regulations for real estate agents, notaries, precious metals dealers and auction houses to declare transactions to prevent money laundering and terrorism financing.
The laws still have to pass through the upper house of Parliament, the Bundesrat.
Notaries and real estate agents in the property sector will have to follow tighter rules to report suspected money laundering cases. This includes any lease of more that €10,000 ($11,024) per month.
In its annual report last year, the government’s Financial Intelligence Unit (FIU) noted an “extreme vulnerability” in Germany’s real estate market when it comes to dubious business deals and the investigation of criminal activities. The FIU found that of the 77,252 cases of money laundering in Germany last year, about 3,800 involved the real estate sector.
Via DW
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