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Combating Terrorism Financing in Switzerland: Federal Council Endorses Public-Private Partnership

The Swiss Federal Council has taken note of a report on a public-private partnership aimed at sharing information to combat terrorist financing and money laundering in Switzerland. The initiative, which was recommended by the Money Laundering Reporting Office Switzerland (MROS) at the Federal Office of Police, seeks to establish a strategic partnership between the public and private sectors to prevent and investigate these crimes.

Benefits of Public-Private Partnership

The MROS report highlights the potential benefits of a public-private partnership in combating terrorism financing and money laundering. According to fedpol, the Federal Office of Police, such partnerships have been successfully implemented in 20 of the world’s top financial centers, leading to improved prevention and detection rates.

Financial Sector Support

The Swiss financial sector has expressed its support for the initiative and is willing to contribute to its development. The Federal Council has welcomed the efforts to establish a public-private partnership, which aligns with its crime-fighting strategy that emphasizes cooperation between the public and private sectors.

Partnership Objectives

Under the proposed partnership, MROS will work with the financial sector to develop a strategic plan for sharing information on terrorist financing and money laundering methods, trends, threats, and risks. This will involve using statistical data, indicators, and typologies to help the private sector identify suspicious cases, which in turn will aid authorities in prevention and law enforcement.

Legal Considerations

The partnership is expected to take into account legal provisions in Switzerland, such as bank-client confidentiality, while defining its form, objectives, legal basis, and composition. The authority for exploring a public-private partnership was granted by the Federal Council on November 17, 2021, as part of a mandate to examine the feasibility of sharing information to combat terrorism financing and money laundering.

Contact Information

For more information, contact fedpol Communications at +41 58 463 13 10 or media@fedpol.admin.ch.