Money laundering is a serious crime in Germany, designed to combat the process of concealing the origins of illegally obtained money. Understanding the legal framework, risks, and potential consequences is crucial for foreign individuals and businesses operating in Germany, especially given recent changes in the law.
Tag: money laundering
Economic criminal law is a complex and dynamic field that can impact not only large corporations but also smaller businesses and individuals. Defense in such cases requires not only high-level legal expertise but also a deep understanding of economic contexts and the unique circumstances of the affected parties. In this article, we provide an overview of the tactical challenges in defense and the common issues that lead to economic criminal proceedings. Additionally, we highlight current topics in tax and economic criminal law, drawing on the latest legal developments.
Money on entry into Germany: There is a duty to declare cash (and equivalent means of payment) when crossing the German border. If you enter or leave Germany outside the EU with cash totaling 10,000 euros or more, you must, in accordance with Article 3 of REGULATION (EC) No. 1889/2005, declare this amount in writing to the competent German customs office upon entry or exit without being asked to do so:
Any natural person entering or leaving the Community carrying cash of EUR 10 000 or more shall declare that amount in accordance with this Regulation to the competent authorities of the Member State through which he enters or leaves the Community. The obligation to declare is not fulfilled if the information provided is incorrect or incomplete.
Artikel 3 der VERORDNUNG (EG) Nr. 1889/2005
In the case of cash, a written notification is required upon entry into Germany; in the case of equivalent means of payment with a total value of 10,000 euros or more these must be notified verbally upon questioning during customs checks. Violations are punished with a fine, which can be considerable. But also at the internal border, i.e. when traveling within the EU, an obligation to report may arise upon questioning!
The fact that criminal proceedings arise in Germany because of cryptocurrencies has long since ceased to be a peculiarity. Many tax advisors take on the topic and solicit clients – but those who only think with the view of tax law can cost their clients a lot of money. In recent years, as a German criminal defense lawyer, I have regularly acted as a defender in criminal proceedings concerning cryptocurrencies – and can only urge caution.
How does the liability situation in the subject complex of IT security, especially for management (managing directors and board of directors), present itself in Germany?
In my presentation on liability in the event of IT security breaches, tailored to management and board members, I address the relevant circumstances: After a presentation of general liability issues, and building on this, specific liability issues for employees & board members will be highlighted, and finally, very briefly, ways of limiting liability will be presented – up to the question of whether it is not a reason for liability if a company does not buy Bitcoin as a precaution. In the following, I present essential parts of the lecture on the liability of the management board in case of IT security breaches.
IT security is the core topic of modern information technology and is increasingly the focus of political developments as well – nevertheless, there is still a lack of a differentiated, binding set of regulations; although there are specifications at the EU level and initial legal regulations at the national level. However, in the area of original problems, especially in the development and use of software or the liability of a company’s board of directors, unclear liability situations immediately arise. In legal practice, IT security as such seems to wither away and boil down to the practical application of sub-areas of the GDPR – but in fact there are immediate liability scenarios.