The German Finance Minister, Hans Eichel, will this week announce a raft of new measures aimed at arresting the progress of terrorist funds through the country's banking system in the wake of recent events in the US.
The measures, which are likely to be announced before the planned meeting of G7 finance ministers in Washington next weekend, are said to include provisions for the establishment of a centralised Financial Intelligence Unit, stricter reporting requirements, and a shifting of the burden of proof in cases where there is suspicion of criminal activity or wrongdoing.
Despite the fact that in the past, regional authorities in Germany have opposed moves to limit banking secrecy and increase supervision, the German government appears to have thrown itself wholeheartedly into the international anti-money laundering fight. The Chancellor, Gerhard Schroder, called on Sunday for a loosening of banking secrecy: 'Secrecy obligations should not hinder investigations against terrorists,' he was quoted as saying in the German press.
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