Subpoena Regarding Suspicion Of Money Laundering? We Provide Immediate Assistance In Investigative Proceedings ' Nationwide In Germany

• Published date: 02 April 2024
• Subject Matter: Finance and Banking, Government, Public Sector, Financial Services, Money Laundering
• Law Firm: Michael Kyprianou Law Firm
• Author: Benjamin Hasan

Definition of Money Laundering

Money laundering is a crime that can entail significant penalties. In addition to the Money Laundering Act, which is directed at obligated parties, the offence of money laundering in the Criminal Code applies to everyone. While the Criminal Code penalizes money laundering, the Money Laundering Act aims to prevent crimes through preventive measures. Section 261 of the Criminal Code does not contain a definition of the term money laundering, which is why understanding the notification of a criminal investigation is particularly difficult for those affected. Common approaches to explaining and attempting to define what constitutes money laundering typically use the so-called "Three-Phase Model," namely "Placement, Layering, and Integration."

Number of police-recorded cases of money laundering in Germany sharply increased

While the number of police-recorded cases of money laundering in Germany was 8,569 in 2011, the number in 2022 was 22,614. One reason for this increase is the legal change in 2021, which eliminated the catalogue of predicate offences required for money laundering. This catalogue of predicate offences was removed from the norm with effect from March 18, 2021, and henceforth, any conceivable unlawful act became a suitable predicate offence. This includes negligence offences and attempted criminal offences. However, transactions related to cryptocurrency exchanges often lead to premature actions by banks (e.g., account freezing) and law enforcement agencies (e.g., arrest warrants and police summons), which should only be addressed with the assistance of a specialist lawyer in banking law.

Better rely on a specialist lawyer who wins in court

Benjamin Hasan is a specialist lawyer for banking and capital markets...