Section 28 GwG – Functions, supervision and cooperation

(1) 1The German Financial Intelligence Unit has the function of collecting and analysing information related to money laundering or terrorist financing and passing this information on to the competent domestic public authorities for the purpose of the investigation, prevention or prosecution of such offences. 2It is responsible in this context for:

  1. receiving and collecting reports under this Act,
  2. conducting operational analyses, including the assessment of reports and other information,
  3. exchanging information and coordinating with domestic supervisory authorities,
  4. cooperating and exchanging information with Financial Intelligence Units of other countries,
  5. prohibiting transactions and ordering other urgent action,
  6. transmitting to the competent domestic public authorities the results of the operational analyses within the meaning of no. 2 which are relevant to them and additional relevant information,
  7. providing feedback to an obliged entity which has filed a report under section 43 (1),
  8. conducting strategic analyses and producing reports on the basis of these analyses,
  9. engaging in dialogue with the obliged entities and with the domestic supervisory authorities and competent domestic public authorities for the investigation, prevention or prosecution of money laundering and terrorist financing, in particular about relevant typologies and methods,
  10. compiling statistics on the numbers and information specified in Article 44(2) of Directive (EU) 2015/849 and publishing consolidated statistics on an annual basis in an annual report,
  11. publishing an annual report on the operational analyses conducted,
  12. attending meetings of national and international working groups, and
  13. performing functions which have additionally been assigned to it by other provisions.
    (2) The German Financial Intelligence Unit is subject to the supervision of the Federal Ministry of Finance, which supervision is limited to legal supervision in the cases set out in subsection (1) nos. 1, 2, 5 and 6.
    (3) The German Financial Intelligence Unit and the other competent domestic public authorities for the investigation, prevention and prosecution of money laundering, terrorist financing and other criminal offences and averting threats and the domestic supervisory authorities work together to implement this Act and provide mutual support.
    (4) The German Financial Intelligence Unit, where necessary, informs the competent authorities for the taxation procedure or the protection of the social security systems of matters which come to its knowledge in the performance of its functions and which it has not transmitted to another competent government agency.