Germany Cracking Down on Cash Transactions for Real Estate to Combat Money Laundering

German Finance Minister Christian Lindner speaks during a budget session, in the plenary hall of the lower house of the German parliament, the Bundestag, in Berlin, Germany, on March 22, 2022. Michele Tantussi/Reuters

Germany is preparing to crack down on money laundering efforts with new legislation prohibiting cash transactions in the real estate market, according to officials.

The legislation is aimed at curbing both money laundering and other financial crimes, Bloomberg reports.