The massive inefficiencies of tackling money laundering

225

April 5 2018

The backlog of money-laundering cases at Germany’s Financial Intelligence Unit stood at 30,000 at the start of February. Every month, another 5,600 cases on average are added to the pile. It probably didn’t help that, until November of last year, banks and insurance companies were submitting suspicious cases to investigators by fax.

Nor does the FIU have automatic digital access to police data and other crime authorities. Information on things like visas and bank accounts has to be requested by phone or submitted in writing. It’s the same thing the other way around – police don’t have access to any of the FIU’s findings.