Germany still has a lot of catching up to do in the fight against money laundering.
As the Money Laundering Authority Financial Action Task Force (FATF), which is based at the OECD, has now correctly stated in its report, the criminal proceedings in cases of suspected money laundering do not correspond to the risk profile of an economy as large as Germany.
Despite tightening of the law and newly created authorities such as the Money Laundering Reporting Office, there are still problems in many areas.
The confusion in the responsibilities of the federal and state authorities is just one example.
Federal Finance Minister Christian Lindner's plan to create a Federal Financial Criminal Police Office is a step in the right direction.
But that won't be enough.
The authorities must be equipped with suitable instruments so that they can finally – as Lindner puts it – catch the “big fish”.
That is why more needs to be done outside of the banking and financial sector that is already under surveillance.
Real estate agents and art dealers in particular handle large amounts of cash.
But compared to the banks, far too few suspicious transaction reports come from them.
The question therefore arises as to whether Germany needs a new super authority if one is already planned at EU level.
It would be better to clearly regulate responsibilities and improve the exchange of information between the authorities.
This also includes sanctions if a suspected case has not been vigorously pursued somewhere.
And it also goes to the cash that is so dear to the Germans.
A cash limit of 10,000 euros, as planned by the EU Commission, should not affect the majority of the population.
Hardly anyone pays such large amounts with a wad of banknotes.
But it would be a restriction that would make it more difficult to smuggle black money into the economic cycle.
If you want to pay a bill of more than 10,000 euros in cash, you have to prove the source of the money.