Germany has unveiled plans to tackle financial crime more effectively by creating a new federal authority to strengthen enforcement and improve coordination among the country’s current supervisors, of which there are more than 300.

On Aug. 24, German Finance Minister Christian Lindner presented a three-point plan to curb money laundering and other financial crimes in the country. The key aims are to set up a new body to oversee enforcement efforts and pool resources, provide training to produce more highly qualified financial investigators, and promote the digitalization and linking of company and property registers so the true owners of businesses can easily be identified.

“Germany must overcome its reputation as a money-laundering paradise,” said Lindner in a statement. “We are not afraid to take bold and decisive action. We will create strong and effective structures to make sure that honest players are protected from those who don’t stick to the rules.”