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Image header Agence Europe
Europe Daily Bulletin No. 8032
Contents Publication in full By article 13 / 24
GENERAL NEWS / (eu) eu/euro

Germany hopes to prevent money laundering during changeover to single currency

Brussels, 23/08/2001 (Agence Europe) - On Thursday, the German government announced its intention to step up border controls before the introduction of euro notes and coins in January. Berlin also hopes to flush out the unlaundered money that criminals may seek to dispose of at this hinge period. The customs officials and police fear that the two months for transition of national currencies to the euro will allow criminals to repatriate large amounts of cash to their countries of origin in order to change them into euros. The increased risk of money laundering will be "countered by complete and stricter controls on all cash at customs points, as we approach the introduction of European currency, and particularly during the main changeover phase in January and February 2002", warned the German Finance Minister, who specified that last year the German customs seized EUR 4.9 million intended for laundering.

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