Swiss Money Laundering Reporting Office: 1,700 Suspected Covid-19 Loan Fraud Cases and CHF230 Million in Claims

The Swiss Money Laundering Reporting Office (MROS) reported a notable increase in suspicious activity reports in 2021, with a total of 5,962 reports – a 12% rise from the previous year. Among these reports, a significant number involved suspected fraudulent claims for Covid-19 business loans.

Suspected Covid-19 Loan Fraud Cases

Since the onset of the pandemic, MROS has received over 1,700 reports of suspected fraud cases related to Covid-19 business loans, totaling CHF230 million ($236 million) in claims. Other Swiss authorities have also reported several thousand more suspected coronavirus fraud cases.

Increase in Reported Suspicious Activities

In 2020, Covid-19 loan scams were the primary driver of a 25% increase in reported suspicious activities, and this trend continued into 2021. Banks reported the majority of these suspicious transactions.

Other Reported Offenses

Apart from loan fraud, MROS relayed 1,351 reports to prosecutors in 2021 and imposed 205 penalties for offenses reported in previous years.

Administrative Assistance

MROS also handled 784 requests for administrative assistance from 87 different countries.

Decrease in Reports of Other Financial Crimes

Meanwhile, the number of reports regarding suspect terror financing and organized crime decreased, with only 82 and 304 reports, respectively.

Role of MROS

MROS is a central platform that facilitates the reporting, collection, and analysis of suspicious financial transactions. By actively collaborating with domestic and foreign authorities, MROS aims to prevent and combat financial crimes.