Germany bill targets assets above €100,000

Germany's Bundestag held a first reading on Oct. 9 of a Customs Financial Justice Act that would allow freezes of assets above €100,000, according to an Oct. 12 EIN Presswire press release.

The proposal would give customs and 16 state-level authorities up to 180 days to act, while Germany's federal states are seeking 12 months, the press release said.

The bill was referred to the Bundestag Finance Committee after a half-hour debate, according to the release, which said the planned effective date is Jan. 1, 2027. The release was issued by International Advertising LLC for Azar Wealth, a Dubai-based firm that markets physical gold, silver and certified coloured diamonds.

The release said the bill would apply where there are factual indications that an asset's origin is unclear. It said a purchase receipt would not be mandatory and that a large gap between income and wealth could count as an indication. It also said federal states had referred to older purchases, inheritances and gifts in their statement.

Azar Wealth used the release to argue that owners of physical assets should maintain documentation. Jonah Azar, the firm's founder, said: "The simplest case a review can meet is a stone with an invoice, proof of payment, a grading report and a custody certificate, all four carrying the same number."

The release does not include the bill text, a Bundestag document, government comment or positions from parliamentary parties. Final rules, enforcement practice and the scope of any asset-freezing powers will depend on the legislative process and any enacted text.

The next dated step in the material is the planned Jan. 1, 2027, effective date, following the bill's referral to the Finance Committee.