Erscheinung:04.10.2019 | Topic Anti-money laundering Anti Financial Crime Alliance
BaFin enters into public-private partnership with other public authorities and banks to tackle money laundering and terrorist financing
On 24 September, BaFin launched the Anti Financial Crime Alliance (AFCA) together with the Financial Intelligence Unit (FIU), the Federal Criminal Police Office (Bundeskriminalamt) and 14 banks. As a public-private partnership, these public authorities and banks are seeking to strengthen and coordinate the fight against money laundering and terrorist financing under the FIU’s leadership. The strategic exchange of information on an ongoing basis will be key to the success of the alliance.
The members of the AFCA intend to make use of the alliance in order to share their experiences and exchange information in a quick, secure and comprehensive way. The FIU is the central unit in Germany for reporting suspected cases of money laundering. Banks are required by law to prevent abuse of the financial system for money laundering and terrorist financing purposes. BaFin, in turn, supervises the banks, also in terms of the prevention of money laundering. The Federal Criminal Police Office is responsible for ensuring that those involved in money laundering or terrorist financing are prosecuted.
“We are pleased that the AFCA has been launched and that we will be chairing the very first working group on the financial sector together with Commerzbank,” said BaFin Chief Executive Director Dr Thorsten Pötzsch, representing BaFin on the AFCA’s six-member board. The board is at the helm of the AFCA and comprises representatives from banks and public authorities. Together with BaFin, the Financial Intelligence Unit and the Federal Criminal Police Office represent the public sector. The head of the FIU, Christof Schulte, has been appointed as Chairman of the Board.
