German Customs to Play Key Role in Curbing Crime, Money Laundering
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Loading... - Brielle Durand
- 08 May 2023
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In an announcement that has left many puzzled and intrigued, German Finance Minister Christian Lindner declared on Wednesday that German customs will undergo a transformation aimed at strengthening its role in the fight against organized crime and money laundering. Lindner revealed that the customs will be equipped with new strategies and technologies to help them become even more specialized, efficient, and powerful than they currently are. Lindner went on to explain that the objective of these changes is to identify technical developments on the perpetrator side at an early stage and to be able to counter them successfully.
The new strategy will also see customs playing a more significant role in financial investigations, particularly in tracking down illegally obtained assets and uncovering money laundering activities. According to Lindner, the motto of the German government is not to raise taxes, but to enforce laws, and the strengthened customs will play a crucial part in this.
However, this move by Germany is not without controversy. The country was criticized by the Financial Action Task Force (FATF) last year for failing to do enough to tackle money laundering and prosecuting few people over the crime, despite being one of the world's largest cash centers. Lindner's announcement has caused a stir among financial experts and the public alike, with many wondering whether the new measures will be enough to combat the scourge of organized crime and money laundering.
Despite the skepticism, Lindner remains optimistic about the future of Germany's fight against financial crime. He has previously announced plans to create a Federal Financial Criminal Police Office, which will serve as an authority to combat money laundering and financial crimes and is set to be operational in 2024. According to Lindner, the government hopes to complete the conceptual and legislative work for this project this year.
