Germany will create a hotline to collect information about the circumvention of sanctions

The German authorities intend to introduce a hotline to collect anonymous information about assets in the country that may be subject to European sanctions against the Russian Federation, said Chancellor Olaf Scholz.

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Earlier, the Bundestag passed a law that tightens control over compliance with EU sanctions. According to Scholz, additional measures are being prepared.

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“Russia’s aggression against Ukraine has shown that sanctions urgently need to become more effective, especially against oligarchs and hidden assets … In addition, we will create a special hotline for anonymous whistleblowers,” Scholz said during a speech at an event of the international organization Financial Action Task Force (“Money Laundering Action Task Force”, FATF).

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In addition, it is planned to introduce a national registry, which, among other things, will include data on assets that are subject to the sanctions regime or whose origin is not precisely established.