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A lot of cash: land can no longer be paid for in the future (not even with cryptocurrencies or gold)
Photo: Dieter Moebus / CHROMORANGE / IMAGO
The federal government wants to expand its toolbox in dealing with Russian oligarchs, for example.
According to a draft law that the finance and economics ministries sent to the other departments of the federal government on Friday and which the dpa has received, EU sanctions are effective immediately in Germany.
But: "The existing legal regulations have not yet been specifically geared towards enforcing sanctions and are therefore not sufficient for the authorities at federal and state level to be able to achieve this goal fully and effectively." The Bundestag must approve the project.
For example, a new Central Office for Sanctions Enforcement (ZfS) under the responsibility of the Federal Ministry of Finance is to coordinate the work of the competent authorities in Germany - this should also enable synergy effects for combating money laundering.
The central office should also accept tips from whistleblowers.
If a company violates or threatens to violate sanctions, the body should be able to appoint a special representative to monitor it.
Cash purchase of land prohibited
In the fight against money laundering, the federal government is also planning a cash ban for the purchase of real estate.
Even if a property is paid for with cryptocurrencies and commodities such as gold, the purchase should be invalid.
Anyone who is on an EU sanctions list will in future be considered “unreliable”, which will lower the hurdles for investigations against him or her.
Sanctions passed by the United Nations against individuals or companies should be directly applicable in Germany so that those affected no longer have time to bring their assets to safety.
Data on owners and properties from the land registers in Germany are also to be linked to the transparency register in order to make it easier to search for owners.
The planned law to improve the fight against money laundering is also intended to create loopholes in determining the actual beneficial owners, i.e. helping to determine when registered owners of real estate are only acting as straw men.
aeh/dpa
