Germany is preparing to crack down on money laundering efforts with new legislation prohibiting cash transactions in the real estate market, according to officials.
The legislation is aimed at curbing both money laundering and other financial crimes, Bloomberg reports.
“Our national risk assessment shows that we need to do more in the real-estate sector,” Finance Minister Christian Lindner said Thursday at a meeting of the Financial Action Task Force (FATF) in Berlin.
The FATF, also known by its French name, Groupe d’action financière, is a global money laundering and terrorist financing watchdog headquartered in Paris, France.
The policymaking body establishes international standards and develops and promotes policies that aim to curb illegal activities such as money laundering and the financing of terrorism….