Sven Giegold backs Anti-Money Laundering (AML) proceedings against Germany

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Outspoken Green MEP Sven Giegold has backed the initiation of infringement proceedings against Germany regarding the implementation of the 4th Anti-Money Laundering Directive.

Giegold, who has often spoken about Malta’s own financial issues had tough words with regard to his home country: Germany is a money laundering paradise, so the infringement procedure is justified. The procedure was overdue. For years I have been pushing for this infringement procedure in talks and submissions to the European Commission. The Commission should have taken this step much earlier. For this green success, better late than never.

The Green MEP argued that Germany is Europe’s problem child in the application of EU rules to combat money laundering, adding that the German government’s negligence in the fight against money laundering is a security risk, as it also serves to enpower organised crime and finance terrorism.

In a statement, he explained that “there are gaps in Germany especially in the implementation of the transparency register and the strengthening of the Financial Intelligence Unit. The infringement proceedings are the final warning shot to the German government. It has to get serious in the fight against money laundering now. The actual beneficial owners of companies must be consistently disclosed, as required by EU law. An infringement procedure is also overdue because of the deficiencies in money laundering supervision in the non-financial sector. The EU Commission should initiate proceedings here as well.”

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