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    Federal Report Reveals About $113Bln Being Laundered in Germany Every Year

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    Over 100 billion euros ($113 billion) may be laundered in Germany every year, the German Finance Ministry has estimated in its monthly report published Thursday.

    MOSCOW (Sputnik) — The 115-page study has identified the real estate and construction markets as highly lucrative investment targets that are especially susceptible for the use in money-laundering schemes.

    "The total volume of money laundered in German financial and non-financial sectors appears to have surpassed 50 billion euros and has probably reached over 100 billion euros a year," the report said.

    Between 15,000 and 28,000 suspicious transactions takes place every year in the non-financial sector alone, it estimated.

    Additionally, risks come from companies that criminals set up specifically to transform their proceeds into legitimate assets, including in gastronomy, hotel business, betting, as well as import and export.

    Thomas Steffen, state secretary at the Federal Finance Ministry, stressed in the report that the recent leak of alleged Panama Papers, which he said exposed schemes to dodge taxes, should lead to a global push for more financial transparency.

    The German ministry is now mulling a 5,000-euro cap on single cash transactions. It has also proposed to draw up international "black lists" for money launderers and tax evaders.


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