German Finance Ministry Raided Over Failing To Report & Investigate Money Laundering

The Ultimate Managed Hosting Platform
Fight Censorship, Share This Post!

German Finance Ministry Raided Over Failing To Report & Investigate Money Laundering

On Thursday German prosecutors raided the finance and justice ministries over accusations that the government’s anti-money laundering agency, the Finance Intelligence Unit (FIU), failed to probe many instances of banks laundering money.

The allegations center on the FIU failing to pass on the reports to the police and the judiciary, however, it is “still unclear if the FIU failed to pass on the reports of fraud of its own accord, or was directed to do so by someone at one or both of the ministries.”

The German Federal Ministry of Finance building in Berlin, via Shutterstock

It’s believed the FIU (which is part of the Finance Ministry) looked the other way while cash “in the millions” was laundered, mainly from Africa. 

It’s not the first time that the financial crimes oversight agency has come under scrutiny in recent months: “The organization has also been suspected of covering up fraud committed by the German fintech company Wirecard, which collapsed last year in spectacular fashion,” DW writes.

“This is a security risk for Germany,” one lawmaker, Fabio De Masi said, in the wake of the raid. “We need a financial police with criminal expertise. Germany is a paradise for criminals.”

Prosecutors have said they don’t currently suspect any particular employee of criminal wrongdoing, but a key question that remains over whether the FIU was ordered to ignore warnings from banks over suspect transactions, or whether it was incompetence and lack of resources, despite it recently increasing its staff from 165 to over 460, along with receiving more technical resources.

According to Reuters, “The FIU has long struggled to keep up with the tens of thousands of warnings it receives about suspect money transfers, according to people familiar with its work.” And further, “It only stopped using fax machines to receive such reports from banks in the past few years, one German official has told Reuters.”

Tyler Durden
Fri, 09/10/2021 – 02:45


This post has been republished with implied permission from a publicly-available RSS feed found on Zero Hedge. The views expressed by the original author(s) do not necessarily reflect the opinions or views of The Libertarian Hub, its owners or administrators. Any images included in the original article belong to and are the sole responsibility of the original author/website. The Libertarian Hub makes no claims of ownership of any imported photos/images and shall not be held liable for any unintended copyright infringement. Submit a DCMA takedown request.


Fight Censorship, Share This Post!

-> Click Here to Read the Original Article <-

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.