How Four German MEPs Weakened EU Anti-Money Laundering Law

Public rhetoric vs. legislative action

Between 2021 and 2024, four German Members of the European Parliament filed dozens of amendments to the European Commission's Anti-Money Laundering Regulation (AMLR) and 6th Anti-Money Laundering Directive (AMLD6). Transparency International's systematic analysis of all 3,000+ amendments found that these four MEPs repeatedly proposed identical changes — each with the effect of weakening the regulation's teeth.[1]

The same four were named by ZDF's satirical programme Die Anstalt on 23 May 2023, which devoted its episode to money laundering and published a 31-page fact-check document sourcing each claim.[3]

The contradiction: all four MEPs publicly called for stronger EU anti-money laundering enforcement in press releases and official statements,[4] while their amendment record pushed in the opposite direction.

The four MEPs

What they proposed to weaken

Cash payment ceiling

The Commission proposed a €10,000 EU-wide cash payment ceiling. Left-leaning groups pushed for €3,000. Seekatz openly opposed any cash ceiling as early as January 2021, calling it “disproportionate and ineffective.”[9] Ferber stated a cash limit “would not have been necessary” and warned the €10,000 figure “should not be questioned in future regulatory reviews.”[10]

Beneficial ownership threshold

The Parliament's committee position proposed lowering the beneficial ownership disclosure threshold from 25% to 15% (5% for extractives/high-risk). Seekatz and Braunsberger-Reinhold championed keeping the 25% threshold, framing it as the “international standard” aligned with FATF recommendations, and described the outcome as a “negotiating success.”[11] Their Amendment 749 addressed Article 42 on beneficial owners in corporate entities.[12]

Politically Exposed Persons (PEPs)

The co-rapporteurs' draft proposed classifying heads of regional and local authorities as PEPs. Braunsberger-Reinhold secured a threshold exempting municipalities under 50,000 inhabitants — meaning mayors of smaller towns would not face enhanced due diligence.[13]

Professional football clubs

The draft report proposed adding sports agents, professional clubs, and UEFA-affiliated associations as obliged entities. Seekatz and Braunsberger-Reinhold narrowed the scope to top-tier clubs only, excluding lower divisions.[14]

Transparency register and due diligence

Transparency International's November 2022 analysis found all four MEPs submitted amendments targeting the obligation to identify beneficial owners and the source of funds when establishing business relationships. Till Otto of TI Deutschland's Financial Sector Working Group commented that this “didn't fit the picture” of a government publicly prioritising stricter AML enforcement.[1]

What was weakened in the final text

Sources: Transparency International EU[15]; Norton Rose Fulbright[16]

Documented industry contacts

The AMLR: adopted and entering force

The full package of three instruments was adopted by the European Parliament on 24 April 2024 (479–61–32) and by the Council on 30 May 2024, published in the Official Journal on 19 June 2024.

Key provisions that survived

• €10,000 EU-wide cash payment cap (Member States may adopt lower limits)
• Customer identification required for cash transactions ≥€3,000
• Expanded obliged entities: professional football clubs, NFT platforms, crypto-asset service providers, luxury goods dealers, investment migration operators
• Crypto identity verification for any transaction ≥€1,000; anonymous crypto accounts prohibited
• Non-EU entities owning EU real estate must register beneficial owners, retroactive to 1 January 2014
• Beneficial ownership threshold: 25% or more (lowered from “more than 25%”; Commission may further lower to 15%)

What was not restored

Public access to beneficial ownership registers was not restored after the CJEU Grand Chamber ruling of 22 November 2022 (WM and Sovim SA v Luxembourg Business Registers, Cases C-37/20 and C-601/20) struck it down as disproportionate. The new AMLD6 replaces full public access with a “legitimate interest” model: journalists, civil society, and academia get presumed access; others must demonstrate case-by-case interest. Transparency International called this a “short-term fix” and has “not given up on public registers.”[21]

AMLA (Anti-Money Laundering Authority)

Headquartered in Frankfurt am Main (MesseTurm). Chair Bruna Szego took office 16 February 2025. Currently ~120 staff (target ~430 by end 2027). The EBA completed transferring all AML/CFT mandates to AMLA on 1 January 2026. Direct supervision of 40 high-risk financial institutions begins in 2028.[22]

Germany's Grundbuch opacity and real estate money laundering

Germany's land registry (Grundbuch) records the formal legal owner, not the beneficial owner. Over 100 separate land registry offices operate independently with no cross-registry networking. Most still use paper-based records or scanned images that cannot be searched electronically.[23]

The share deal loophole

Who has been blocking reforms

• Bundesnotarkammer (Federal Chamber of Notaries, president Jens Bormann): opposed two-year post-transaction monitoring obligations and described the cash payment ban's enforcement provisions as “erheblichen Aufwand ohne wirklichen Nutzen” (substantial burden without real benefit)[24]
• Deutscher Anwaltverein (German Bar Association): opposed expanded control obligations via its notarial committee[24]
• FDP (when in the Ampel coalition): delayed implementation; financial policy spokesperson Markus Herbrand pushed to delay notaries' reporting obligations to 2026
• Brun-Hagen Hennerkes (Stiftung Familienunternehmen lobbyist): pressured Schäuble in 2017 to make the transparency register non-public after its introduction, comparing public access to dystopian surveillance[2]
• Wolfgang Schäuble (as Finance Minister, 2017): transferred the FIU from the BKA (police) to customs, where staff lacked expertise, database access, and software. By autumn 2022, 100,000 suspicious activity reports sat unprocessed[2]

Recent positive reforms

• Sanctions Enforcement Act II (autumn 2022): banned cash/gold real estate purchases from April 2023; linked Grundbuch data to the Transparenzregister
• Finanzkriminalitätsbekämpfungsgesetz (FKBG, 1 Jan 2024): created the BBF (Bundesamt zur Bekämpfung von Finanzkriminalität), operational since 1 April 2024. FIU and sanctions enforcement were transferred to it on 1 June 2025[25]
• Immobilientransaktionsregister: notaries and courts must report transactions above €20,000 to the BBF; authorities gained access from 1 January 2026[25]
• Enhanced reporting (Feb 2025): expanded obligations for notaries, lawyers, and tax advisors

Key dates

• 20 Jul 2021 European Commission publishes the AML package (AMLR, AMLD6, AMLA). Ferber and Seekatz welcome it publicly but oppose cash limits.
• 14 Sep 2021 Seekatz appointed EPP shadow rapporteur on the AMLR in ECON committee.
• 16 Mar 2022 Co-rapporteurs Heinälauoma and Carême present their draft report.
• Apr–Jun 2022 Braunsberger-Reinhold holds meetings with banking associations, Bundesnotarkammer, and lobbying firms during the amendment filing period.
• 22 Nov 2022 CJEU Grand Chamber invalidates public access to beneficial ownership registers (Cases C-37/20 and C-601/20).
• 28 Nov 2022 Transparency Deutschland publishes analysis: several German MEPs filed amendments to weaken the AML regulation’s essential elements.
• 4 Jan 2023 Krautreporter publishes “Wer Geld wäscht, liebt diese Menschen” naming Seekatz, Ferber, Braunsberger-Reinhold, and Beer.
• 28 Mar 2023 ECON and LIBE committees adopt their joint report on the AML package.
• 23 May 2023 ZDF Die Anstalt broadcasts “Der schnöde Mammon” episode, naming the same four MEPs. 31-page Faktencheck published.
• 18 Jan 2024 Trilogue provisional agreement reached. Cash limit set at €10,000; BO threshold stays at 25%.
• 24 Apr 2024 European Parliament adopts the full AML package (479–61–32).
• 19 Jun 2024 Regulations published in Official Journal. AMLR: Reg. 2024/1624. AMLD6: Dir. 2024/1640. AMLA: Reg. 2024/1620.
• 1 Jul 2025 AMLA becomes operational in Frankfurt am Main.
• 10 Jul 2027 AMLR and AMLD6 apply. €10,000 cash limit takes effect across the EU.

The Krautreporter series and Die Anstalt broadcast

Krautreporter: “Wer Geld wäscht, liebt diese Menschen”

Published 4 January 2023 by Rebecca Kelber as part of the six-part series “Deswegen ist Deutschland ein Geldwäsche-Paradies.” The article names seven people who “made Germany a money laundering haven,” including the four MEPs plus Christian Lindner (blocking cash caps), Wolfgang Schäuble (transferring the FIU to customs), and Brun-Hagen Hennerkes (lobbying against transparency register access).[2]

A companion article, “Die Geldwäsche-Oase Deutschland, verständlich erklärt,” placed Germany 7th on the 2022 Shadow Finance Index — ahead of the British Virgin Islands, Panama, and the Bahamas. It estimated €100 billion laundered annually in Germany, with ~10% of real estate turnover (~€30 billion) from laundered money. BKA compliance audits occur approximately once every 200 years per business.[26]

ZDF Die Anstalt: “Der schnöde Mammon”

Broadcast 23 May 2023. Hosts Max Uthoff and Claus von Wagner, with guests Sarah Bosetti, Maike Kühl, and Moritz Neumeier. The episode satirically named the four MEPs as “true superheroes” of money laundering and covered the Dilbar yacht (sanctioned oligarch assets untraceable due to shell structures), the murder of Maltese journalist Daphne Caruana Galizia, and systemic regulatory failures.[3]

The 31-page Faktencheck PDF is available at zdf.de/assets/faktencheck-vom-23-mai-2023-100. A YouTube clip of the relevant segment is titled “Wahre Superhelden, die sich gegen Geldwäsche einsetzen!”[27]

Finanzwende on Ferber

The NGO Bürgerbewegung Finanzwende published a detailed analysis calling Ferber “the long arm of the financial lobby into the European Parliament.” It documented his advisory board positions at DVAG (€20,000/year), Kreissparkasse Augsburg (€600/month), and Sparda Zukunftsrat (€2,000/meeting), alongside his 54%-financial-industry meeting ratio.[7]

All cited sources

1. [1] Transparency Deutschland / Netzwerk EBD, “Deutsche Abgeordnete im EP bremsen bei Geldwäscheverordnung,” 28 Nov 2022. netzwerk-ebd.de
2. [2] Krautreporter, Rebecca Kelber, “Wer Geld wäscht, liebt diese Menschen,” 4 Jan 2023. krautreporter.de/4717
3. [3] ZDF Die Anstalt Faktencheck, 23 May 2023. zdf.de/assets/faktencheck-vom-23-mai-2023-100
4. [4] CDU/CSU EPP Group, “Ferber/Seekatz: Europa muss bei Geldwäschebekämpfung Gang hochschalten,” 29 Jun 2021. cducsu.eu
5. [5] ParlTrack — Ralf Seekatz activity record. parltrack.org/mep/197425
6. [6] ParlTrack — Karolin Braunsberger-Reinhold activity record. parltrack.org/mep/226260
7. [7] Finanzwende, “Der bayerische Abgeordnete Markus Ferber,” lobby analysis. finanzwende.de
8. [8] European Parliament — Nicola Beer profile and meeting declarations. europarl.europa.eu/meps/197437
9. [9] WW-Kurier, “Diskussion über eine Obergrenze für den Einsatz von Bargeld,” 25 Jan 2021. ww-kurier.de/98289
10. [10] Handelsblatt, “EU beschließt Bargeldobergrenze von 10.000 Euro.” handelsblatt.com
11. [11] CDU/CSU EPP Group, “Seekatz/Braunsberger-Reinhold zur Geldwäscheverordnung: Präzise und mit Maß vorgehen,” 18 Jan 2024. cducsu.eu
12. [12] European Parliament Amendment Document CJ12-AM-734118. europarl.europa.eu/doceo/CJ12-AM-734118
13. [13] IEU Monitoring, “New rules and a new watchdog: MEPs adopt new laws to fight dirty money,” 2023. ieu-monitoring.com
14. [14] Ralf Seekatz personal website, “Anti-Geldwäschepaket.” ralf-seekatz.eu
15. [15] Transparency International EU, “European Parliament vote strengthens proposals to fight money laundering.” transparency.eu
16. [16] Norton Rose Fulbright, “European Council and Parliament reach agreement.” nortonrosefulbright.com
17. [17] Lobbypedia — Markus Ferber. lobbypedia.de/wiki/Markus_Ferber
18. [18] Transparency International EU, ethics complaint re Ferber & MiFID II, Sep 2017. transparency.eu/ferber
19. [19] EP declared meetings — Karolin Braunsberger-Reinhold. europarl.europa.eu/meps/226260
20. [20] EP declared meetings — Ralf Seekatz. europarl.europa.eu/meps/197425
21. [21] Transparency International, “Countdown to new EU beneficial ownership rules.” transparency.org
22. [22] AMLA official website and German Federal Ministry of Finance announcements. amla.europa.eu; bundesfinanzministerium.de
23. [23] CORRECTIV, “Transparenz im Immobilienmarkt: Bei diesen Baustellen kommt die Regierung kaum voran,” 26 Aug 2021. correctiv.org
24. [24] LTO, “Notare gegen Kontrollpflichten,” and “Ampel reagiert auf Kritik der Notare.” lto.de
25. [25] CURENTIS, “FKBG: Maßnahmen und Ziele,” and Deloitte Legal, “FKBG Draft.” curentis.com
26. [26] Krautreporter, “Die Geldwäsche-Oase Deutschland, verständlich erklärt.” krautreporter.de/4618
27. [27] YouTube, Die Anstalt clip, “Wahre Superhelden, die sich gegen Geldwäsche einsetzen!” youtube.com/watch?v=vAWk5PeraAg