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Reuters
Reuters
Business
By John O'Donnell

Cash-rich Germany criticised by watchdog over money laundering

FILE PHOTO: Money concealed in pastries that the German customs agency Zoll seized during an anti-money laundering operation, is displayed before the agency's annual statistics news conference at the finance ministry in Berlin March 16, 2012. REUTERS/Thomas Peter

Germany has been criticised by a global watchdog for failing to do enough to tackle money laundering, such as by prosecuting very few for the crime despite being one of the globe's biggest cash centres.

The report by the Financial Action Task Force (FATF), a global body that groups countries from the United States to China to tackle financial crime, deals a blow to the standing of Germany, which prides itself on a reputation for probity.

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