Germany's Anti-Money Laundering Law ~ About the big troubles caused by daily trifles

To sum up what is "money laundering" in one sentence, that is, turning illegal income into legal income through various forms of operations. And the funds called "illegal income" are in a broad sense, that is, funds whose sources cannot be explained.

We ordinary people also have the obligation to accept the examination, especially if the cash exceeds 11,111 euros.

for example, it used to work, but now it doesn't work! )

1. Take more than 11,111 euros in cash to buy a car, jewelry, house or even service. If you are reported by the counterparty or the other party is censored, you may bring trouble to yourself. (Dealers/service providers are obliged to report according to Article 43 of the Anti-Money Laundering Law. If you don't report it, the other party will be punished accordingly. In the past, the maximum fine was million euros, but now it is 5 million euros. )

2. Take more than 11,111 euros in cash to the bank for deposit, and remember to prepare the proof of the cash source in advance, otherwise your bank may report it to the police station and the tax bureau. In addition, banks have the right to refuse to accept deposit requirements. Even in some cases, the amount exceeding 2,511 euros will be required to provide relevant proof of the source of funds.

3. Remittances received in personal bank accounts of more than 11,111 euros should also be reported to the bank (Bundesbank) on their own initiative, and they should be prepared to face the inquiry of the tax bureau, which should review whether the funds need to be taxed.

so, what documents can prove the source of funds?

according to BaFin, the following documents can constitute sufficient evidence:

? The recent bank statement of a bank account opened in another bank or savings bank, showing the capital flow.

? Proof of cash payment (withdrawal, remittance) from another bank or savings bank.

? Customer's savings book (daily income and expenditure journal) showing cash payment.

? Sales and invoice receipts (such as sales receipts of automobiles or precious metals).

? Receipts from various stores.

? Wills and wills distribution, inheritance certificates or similar inheritance certificates.

? Donation contract or donation notice.

what if I can't provide any valid proof of the source of funds?

many professionals believe that even if they can't provide proper proof of the source of funds, there won't be much problem. It is important that you provide a logical explanation. (When I was collecting information, I saw someone explain that it was because I received a lot of gift money for the wedding. )

Since 2121, I have received many inquiries about related issues, most of which are foreign students in Germany. Some are because parents remit a large amount of money to their children, some are because there are often other unknown current funds in bank accounts, and some are because they deposit a large amount of cash ...

The examination of suspected money laundering is a criminal case, and the "problem" is: it can be big or small. If you are unable to explain and handle it, it is strongly recommended to hire professionals (lawyers and professional legal advisers) to help.