STEP

Title Research

Germany

5. ANTI-MONEY LAUNDERING

Money laundering is a criminal offence. Implementation of Directives 2005/60/EC and 2006/70/EC was completed in 2008. Banks, financial service institutions, insurance companies, investment companies as well as lawyers, tax consultants, auditors, estate agents, etc. must keep records of details of persons, especially when establishing a business relationship and in transactions of at least EUR15,000. If persons are suspected of money laundering, a report must be made to the law enforcement agency.


Advert

Article Search

© 2011 Society of Trust & Estate Practitioners