In the parliamentary session tomorrow, Friday, the Bundestag will discuss the planned changes to the money laundering law, which also affect anonymous purchases of gold and silver. The debate will be broadcast live in the early afternoon.
Gold and money laundering debate
Tomorrow, Friday, the Bundestag will debate for the first time the draft “Law on the Implementation of the Amendment Directive to the Fourth EU Money Laundering Directive” presented by the Federal Government. This also includes the planned lowering of the collection threshold for the anonymous purchase of gold, silver and other precious metals from currently 10,000 euros to 2,000 euros. The agenda item is currently scheduled for 13:45 hrs.
Thereafter to the Finance Committee
The 45-minute debate will be broadcast live. The bill will then be referred to the committees for further consideration. The Finance Committee will be in charge. FDP member Frank Schäffler is also a member of the committee. His faction had asked critical questions to the federal government about the planned lowering of the anonymity limit for gold purchases (Goldreporter reported).
The federal government had also recently responded to a small question from the AfD parliamentary group. This first states that the federal government intends “currently no further lowering of the threshold value” [beyond 2,000 euros]. The answer to the question as to whether the Federal Government intends to make other changes to the framework conditions for the purchase, acquisition, ownership and possession of precious metals, in particular gold, during this parliamentary term is as follows:
“The Federal Government currently does not intend to make any other changes to the framework conditions.”
The answer to the question as to whether the Federal Government intends to impose restrictions on anonymous cash payment transactions for this term, which go beyond the draft bill of 20 May 2019, is as follows:
“The lowering of the threshold for due diligence in precious metals trading is not a general restriction on anonymous cash transactions, but a risk-oriented extension of the due diligence and risk management obligations of commodity traders. The Federal Government does not intend to restrict anonymous cash payment transactions in principle”.
The draft law can be downloaded from the website of the German Bundestag (PDF document). The Bundestag sessions can be viewed live and as recordings in the parliamentary television media library. The speeches of the individual members of parliament in the respective sessions are also available there. The sessions are also broadcast live on the TV channels Phoenix and Digitalradio (rbb).