Germany Vows To Fight Money Laundering And Terrorism Financing As New FATF President

In a document released to the public on July 7, 2020, the incoming German president of FATF, Dr. Marcus Pleyer, vows to “strengthen the FATF’s governance, enhance its strategic focus, and increase its public visibility.” Marcus further calls on the FATF Secretariat and members alike to help in the fight against terrorism financing, migrant smuggling, environmental crimes, and money laundering in a new digital transformation of AML/CFT act.

The team will study the challenges and opportunities presented with new financial technologies and operational changes to help AML compliance. FATF will also focus on enhancing data pooling and analysis to enable the private sector to remain AML/CFT compliant using artificial intelligence and big data analysis.

The German Presidency, lasting from 2020-2022, will also develop solutions to deal with the current challenges brought on by the global COVID-19 pandemic, the statement says.

The AML/CFT regulations set in place aim at building on initiatives within the FATF Global Network to prevent money laundering and counter-terrorism, among other illicit activities, including illegal arms trafficking, financing of ethnically or racially motivated terrorism, and migrant smuggling.

Germany Crypto Regulation Outside FATF

Germany is witnessing a spike in regulatory policies being set up surrounding crypto and digital assets. There is a recent bump in crypto custodian license requests across the country following the release of crypto services guidelines earlier this year by the top financial regulator Bafin, who named cryptocurrencies as financial instruments.

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