Financial oversight: citizen movement financial turn of attacks, Bafin

The chief of the civil rights movement, financial turnaround, Gerhard Schick, is networked as a former financial spokesman of the Green parliamentary group in t

Financial oversight: citizen movement financial turn of attacks, Bafin

The chief of the civil rights movement, financial turnaround, Gerhard Schick, is networked as a former financial spokesman of the Green parliamentary group in the Bundestag in Berlin. After the scandal of the payment service provider Wirecard, but even before the collapse of the ship-container-lessor P&R Schick has taken the leadership of the German Federal financial Supervisory authority (Bafin) in its sights.

Markus Frühauf

editor in the economy.

F. A. Z. Twitter

On Thursday the company he founded, citizens ' movement launched a signature campaign with the aim to renew the Bonn-based Bafin, fundamentally. Especially Bafin-President Felix Hufeld and the Vice-President for securities supervision competent Elisabeth Roegele, to go. So far, the the service Lord of the Bafin has been rejected by the Federal Finance Minister, Olaf Scholz, also with the note that Hufeld have stood in the failure, in the case of Wirecard in.

however, the question of whether it is done with an extension of the powers of the Bafin really turns. The view from Schick in any case, not: "This authority is a completely different self-understanding of their work needs," he said on Thursday. They are not references to often to their "perceived competence", not maximize your possibilities but not. Also, you must insist on this, there should be, in some cases, really Supervisory gaps.

Indeed, the failure to Wirecard throw – the payment service provider of 1.9 billion euros in the balance sheet or P&R lack of it – of the one Million Container rented that was never there – the question of whether the Bafin is overwhelmed in the fight against financial crime and investment fraud. The references to certain issues, such as, for example, the balance sheet of Wirecard not responsible, give the impression that in the authority although the work-to-rule is made, but never outside the box is looked, which would be often necessary.

More failures in Online gambling games

On Thursday financial turning to the failings of the Bafin in the case of illegal Online gambling pointed. After giving the financial turnaround specialist Konrad Duffy is the annual turnover of illegal Online gambling in Germany to more than 9 billion euros. Payment providers, such as Wirecard, but also banks played an important role as they are the interface to the providers, which were often located in Malta. The Bafin, look here, criticized the financial turnaround. It also facilitated so that Online casinos and money launderers out of business.

financial turnaround expert Michael Findeisen, formerly head of unit in the area of money laundering and payment services in the Federal Ministry of Finance, referred to the Sicilian Mafia, who have a lot of gaming licences in Malta held. Bafin had to their Supervisory and anti-money laundering duties, this state of Affairs in the German banking industry to turn it off. Because it is only by a strong Occurrence of the financial regulator illegal Online gambling could be stopped, he said.

Updated Date: 09 July 2020, 16:19

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