There are currently more than 300 supervisory bodies across Germany, a figure the finance ministry would like to reduce.
With the new authority, the finance ministry hopes to make it easier to tackle complex international money laundering cases, which have long been a weak spot for the country.
“We need to do better in many areas,” said a government representative, referring to the fight against money laundering.
The current FIU unit, which receives suspicious activity reports, will work with the new authority, and a coordination unit will be set up to supervise the non-financial sector.
Details on the ministry’s plans will be published this week.
Source: Economy - investing.com
