Germany to set up new body to combat money laundering

FILE PHOTO: German Finance Minister Christian Lindner addresses the media about the government's budget plans, in Berlin, Germany, July 5, 2023. REUTERS/Lisi Niesner/File Photo

BERLIN (Reuters) - Germany will set up a new body, the Federal Bureau of Financial Intelligence, under planned legislation to combat money laundering, according to a draft of the law seen by Reuters.

The new office, to be set up next year, will centralize monitoring and analysis of money laundering and sanctions enforcement. The target is to have 1,700 employees, with offices in Dresden and Cologne, a finance ministry spokesperson said.