Financial Crime World

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Strengthening Switzerland’s System Against Money Laundering and Terrorist Financing

The Swiss Federal Council’s (CGMF) annual reports on money laundering and terrorist financing risks, published in 2019 and 2020, provide a comprehensive overview of the current situation and propose measures to strengthen the system against these threats.

Key Findings

  • Intensified dialogue with the private sector: The CGMF recommends intensifying dialogue with the private sector about risks associated with money laundering and terrorist financing.
  • Data collection and analysis: The report suggests continuing the OAG’s collection and analysis of data on money laundering and terrorist financing from federal and cantonal criminal prosecution authorities, compiling consolidated statistics on handling such cases.
  • Risk analyses: Rapid risk analyses are recommended to identify vulnerabilities in specific sectors or areas.
  • Real estate sector: The report proposes introducing a national real estate register accessible to federal authorities to reduce identified vulnerabilities.

Sectoral Reports

Money Laundering and Terrorist Financing Risks in Non-Profit Organizations (NPOs)

A targeted analysis report published in summer 2017 examined the extent to which NPOs can be misused for money laundering and terrorist financing purposes.

The report, published in November 2017, analyzed the risk of money laundering and terrorist financing posed by commercial legal entities, distinguishing between Swiss and foreign companies.

Risk of Money Laundering and Terrorist Financing Posed by Crypto Assets and Crowdfunding

This report, published in December 2018, investigated two main uses of fintech: crypto assets and crowdfunding.

Recommendations

  • Obligation to enter associations in the commercial register: The CGMF recommends extending the obligation to include associations with a heightened terrorist financing risk.
  • Due diligence and reporting obligations: The report suggests implementing due diligence and reporting obligations under the Anti-Money Laundering Act for service providers acting in an advisory capacity when establishing domiciliary companies.
  • Awareness-raising: The CGMF proposes raising awareness of money laundering and terrorist financing risks throughout the NPO sector, among financial intermediaries, and the general public.

By implementing these findings and recommendations, Switzerland aims to strengthen its system against money laundering and terrorist financing, ensuring a safer and more secure financial environment for all.