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PKF newsletter 11/2017

New German Anti-Money Laundering Act obliges traders that engage in cash transactions to set up a risk management system

The act to implement the fourth EU anti-money laundering directive has revamped the German Anti-Money Laundering Act (Geldwäschegesetz, GWG) and, since 26.6.2017, it has contained sweeping changes particularly for the non-financial sector. This is the German government’s response to the increase in the number of suspicious activity reports in recent years according to which goods traders, in particular, have been used for money laundering.

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