Germany plans to fine social media sites over hate speech

BERLIN (Reuters) - Germany plans a new law calling for social networks like Facebook <FB.O> to remove slanderous or threatening online postings quickly or face fines of up to 50 million euros ($53 mln).

"This (draft law) sets out binding standards for the way operators of social networks deal with complaints and obliges them to delete criminal content," Justice Minister Heiko Maas said in a statement announcing the planned legislation on Tuesday.

Failure to comply could see a social media company fined up to 50 million euros, and the company's chief representative in Germany fined up to 5 million euros.

Germany already has some of the world's toughest hate speech laws covering defamation, slander, public incitement to commit crimes and threats of violence, backed up by prison sentences for Holocaust denial or inciting hatred against minorities. It now aims to update these rules for the social media age.

The issue has taken on more urgency amid concern about the spread of fake news and racist content on social media, which often targets more than 1 million migrants who arrived in Germany in the last two years, as well as members of the Jewish community.

The Central Council of Jews in Germany welcomed the new law.