German Government Establishing New Agency to Combat Sanctions Evasion, Money Laundering

The German government is establishing a new agency to combat "internationally organized financial crime," dubbed the Federal Office to Combat Financial Crime, according to an unofficial translation. The agency will be an amalgamation of various different agencies' expertise, including analysis from the Financial Intelligence Unit, criminal investigations and supervision. The agency is expected to be established in 2024 and operational in 2025. The mandate of the agency will be to crack down on illegal financial flows via money laundering and sanctions evasion.