Status: 16.01.2024, 14:34 PM
By: Ulrike Hagen
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"Room for development" and "exciting tasks": The job as a money laundering officer promises a lot and definitely brings you well-earned money.
Hamburg – Some of you will probably be looking at the publication date of this article. No, this is not an April Fool's joke. The Sparda-Bank in Hamburg is currently – in the middle of January – actually looking for a "money laundering officer". "Room for development" is promised, but also for "further development". The future expert for the clean bill can even look forward to a 13th month's salary and an iPad. Possibilities of increasing the "attractive remuneration" through a solid bribery environment are not addressed in the advertisement.
"Room to develop" and "exciting tasks": The job as a money laundering officer definitely promises ... Some. © Stepstone.de/Sparda-Bank Hamburg eG/Screenshot
Careers with money laundering: Bank is looking for experts for clean bills
With the search for an expert in detecting money laundering, the financial institution is not the only company. The German government recently launched the Financial Crime Prevention Act, which affects almost the entire financial sector. Section 261 of the Criminal Code has sanctioned money laundering since 2008 with a possible prison sentence of up to ten years. However, it was reformed in 2021. As a result, money laundering offences will apply much more frequently than before.
No one can say exactly how much money is laundered in this country every year. Current estimates put the figure at around 100 billion euros per year. (Symbolic photo) © gopixa/Panthermedia/Imago
Since the reform of the Money Laundering Act, the appointment of the Anti-Money Laundering Officer has been mandatory for certain companies. These include: credit and financial services institutions, payment and electronic money institutions, financial and insurance companies, asset management companies and operators and intermediaries of games of chance.
Where does the term money laundering come from?
The term, described in the Criminal Code as "concealment of ill-gotten assets," refers to money that comes from illicit sources such as drug or arms trafficking, extortion or tax evasion.
In order to "launder" this "dirty" money, it is infiltrated into the legal economic cycle, making it "clean" and safe to spend. One might assume that the term "money laundering" originated to illustrate this process. In fact, however, we owe the term to a legendary gangster boss.
Al Capone, a key U.S. figure in organized crime in the 1920s and 30s, coined the term "money laundering" (german: "money laundering") in the late 1920s. To disguise the origin of his fortune, Capone, who made his fortune mainly through gambling, pimping and extortion, invested in laundromats. The term also found its way into the German language and is even used in legal texts today.
Germany is a money laundering paradise: 100 billion euros annually
Until now, Germany has been considered a money laundering paradise because of its lax handling of cash payments. According to the latest German Mutual Evaluation Report of the Financial Action Task Force (FATF), around 75 percent of all purchases in Germany are made with cash. According to the Bundesbank (as of October 2023), a total of around 1536 billion euros in cash is in circulation.
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No one can say exactly how much money goes through money laundering in this country every year. Current estimates put the figure at around 100 billion euros per year. That's about a quarter of the 2023 federal budget. The organization Transparency International estimates that several billion euros are laundered every year with the purchase and sale of houses alone.
From a paradise for money launderers to a paradise for money laundering officers
The German government plans to tackle the problem more intensively. Federal Minister of the Interior Nancy Faeser announced measures such as the introduction of a nationwide register for real estate during the autumn conference of the Federal Criminal Police Office last November. In addition, the SPD politician Faeser is striving for a cash limit of 10,000 euros. The EU is also planning an offensive against cash, calling for upper limits on payments. So the position of money laundering officer is definitely a job with good future prospects.
But what qualifications are required? In fact, the legislator has not laid down any specific requirements with regard to training and qualifications for money laundering officers. Auditors, lawyers with specific further training or relevant professional experience in the field of anti-money laundering and white-collar crime, as well as security consultants are considered "suitable". Knowledge of computer technology and IT is an advantage, as money laundering is often carried out via e-banking or transactions with cryptocurrencies such as Bitcoins, for example to transfer funds for terrorist financing.
Agile job market: Many vacancies in the fight against money laundering
According to Stepstone, there are currently 82 other vacancies as money laundering officers. According to the surveys of the online job board, between 50,000 and almost 70,000 euros can be earned annually. Sounds like a clean deal.