German govt to ask lawyers, accountants to report suspect transactions - report |
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Mon, 15 Oct 2007 07:29
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FRANKFURT (Thomson Financial) - The German government plans to require professionals including lawyers and tax accountants to report to authorities financial transactions that may be used to finance terrorist activities and money-laundering, Frankfurter Allgemeine Zeitung reported, citing a draft by the Interior Ministry.The government may amend six existing laws to extend an obligation to report suspicious transactions to the Federal Criminal Police Office, the newspaper said. Currently only banks and insurers fall under this law.Under the proposed amendments, lawyers, notary publics, auditors and tax accountants, real estate agents and gaming houses will all be responsible for keeping an eye on their clients' transactions and ensure they know who is the beneficial owner of the funds, it said.The Criminal Police Office will supply these professionals with information to help recognise transactions that may be used to finance terrorism, it said.maria.sheahan@thomson.commas/vlbCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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