On Jan. 20, 2025, GE GVT published final Regulation amending the Money laundering act reporting ordinance-immobilien (GwGMeldV) real estate, for the proposed changes.
The terms of this new Regulation will now fully enter into force from Feb. 17, 2025.
On Aug. 2, GE GVT published draft law on AML reporting obligations.
GE GVT published draft ordinance amending the ordinance on matters subject to reporting obligations in the real estate sector under the Money laundering act.
Draft Ordinance Overview
Incorporates provisions of section 16a of the Money laundering act (GwG), which prohibit cash payments for real estate purchases, into reporting requirements of the Money laundering act reporting ordinance-immobilien (GwGMeldV) real estate.
To achieve this, two new reporting events introduced to address following scenarios.
Failure to provide proof that the consideration was provided without cash when acquiring a property (section 6(4) of the GwGMeldV real estate draft).
Finalization of an agreement stipulating that the payment will be made more than one year after the application for the purchaser's registration as owner at the land registry office has been submitted (section 6(1) no. 5 GwGMeldV real estate draft).
Aimed at preventing the evasion of the aforementioned obligation to provide proof.
Results of evaluation of reporting facts under AMLA real estate will be incorporated,
Future reports that do not contribute to AML/CFT will be excluded.
Jan. 2025 Legislation Published
On Jan. 20, 2025, GE GVT published final Regulation amending the Money laundering act reporting ordinance-immobilien (GwGMeldV) real estate, for the proposed changes.
The terms of this new Regulation will now fully enter into force from Feb. 17, 2025.
Regulators
GE GVT
Entity Types
Corp
Reference
OG 13/2025, 1/20/2025; Bill, PR, 8/2/2024; GwG (GE);