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German Finance Minister and Social Democratic Party (SPD) Chancellor candidate Olaf Scholz said that he had left the country’s anti-money laundering unit "much stronger than when we found it," after a rally in Esslingen on Monday.
"It was a branch that had barely 100 employees going into 2017, many of whom were brand new, and when I became finance minister in March of 2018 they at 165 employees, today they have over 500 and soon over 700," Scholz said.
He went on to note the importance of an internationally integrated financial oversight system in combatting money laundering and the possible financing of terrorist organisations.
The SPD candidate made the comments only hours after appearing before the Financial Committee in the German Bundestag defending himself and the anti-money laundering unit.
Germany’s FIU has been under investigation since February over allegations employees did not inform police and the ministry of justice fast enough of suspect transactions potentially linked to terrorism and drug trafficking.
SOT, Olaf Scholz, German Finance Minister and Social Democratic Party (SPD) chancellor candidate (German): "We have a legal supervision and for many of the issues that have been decided there are no expected tasks at the moment just the limited foresightedness provided in the legal framework and we are abiding by them, but we are taking care of all that we can and that is why we took the initiative that Germany receives a Financial Intelligence Unit (FIU) that is much stronger than when we found it. It was a branch that had barely 100 employees going into 2017, many of whom were brand new, and when I became finance minister in March of 2018 they at 165 employees, today they have over 500 and soon over 700. They received the most modern IT, new administration, new methods of acquiring data from the police and district attorneys."
SOT, Olaf Scholz, German Finance Minister and Social Democratic Party (SPD) chancellor candidate (German): "We took the initiative that there are more ways now to send information to the FIU the amount of reports sent in have drastically increased from 50,000 reports to over 150,000 and now we are the point where we are further developing this process daily and are taking the initiative to optimise these processes so that we can use these reports to fight the financing of terror groups and to fight money laundering. That follows in step with the rules of the (Financial Investigative Task Force) FITF which in our view is very important in the global fight against money laundering and the financing of terrorist groups. That can only happen with cooperative united measures."
SOT, Olaf Scholz, German Finance Minister and Social Democratic Party (SPD) chancellor candidate: "The further integration of the European Union is one of the biggest tasks we have and Germany especially has a very special task to make it happen that we will get the better union. This is a question of politics, it is a question of decision making in Europe and we as a country in the centre of Europe and as a country with a very strong economy will have to work very hard that this union will prosper and obviously there will be good relations with the United Kingdom, this is what the European Union wants and this is what Germany wants and I will support very much."
#Scholz #SPD #Germany #AntiMoneyLaundering
Video ID: 20210920-056
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