Germany To Ban Cash Payments In Real Estate Market

Bloomberg reported that German authorities are preparing legislation to outlaw cash payments in the real estate market, citing German Finance Minister Christian Lindner’s comments.

The minister expects the move will aid in the battle against money laundering and other financial crimes. In a statement to Bloomberg, Lindner did not elaborate on the concept.

Lindner spoke at a meeting of the Financial Action Task Force on Money Laundering. It establishes worldwide guidelines for combatting terrorism financing and money laundering. The organization’s chairmanship is currently held by Germany.

Work of Germany’s financial regulator BaFin had previously been questioned, particularly in light of the bankruptcy of the Wirecard payment business, according to Bloomberg. Wirecard had €1.9 billion in balances in its accounts, which was 32 percent of the company’s stated assets under control, according to the EY auditor.

source: bloomberg.com

You might also like

Leave a Comment