Switzerland’s Financial Crimes Evolve: A New Landscape for White-Collar Defense
Switzerland, known for its robust financial system and strong banking sector, has long been a target for financial criminals. To better understand the current trends in Switzerland’s financial crime landscape is crucial for white-collar defense.
Money Laundering Remains a Concern
According to the latest Thomson Reuters Practical Law Global Guide 2020, money laundering continues to be a significant concern in Switzerland 1. Criminals exploit the country’s reputation for secrecy and its status as a hub for international business transactions.
Technology-Enabled Financial Crimes: A Growing Trend
Another trend in Switzerland’s financial crime landscape is the increased focus on technology-enabled offenses 2. Cyberattacks, data breaches, and other tech-related crimes are on the rise, posing new challenges for regulators and enforcement agencies. For instance:
- The Swiss Financial Market Supervisory Authority (FINMA) has intensified its efforts to counteract these threats, imposing stricter regulations on financial institutions.
Cross-Border Financial Investigations: A Global Response
Cooperative relationships between Switzerland and other countries have led to an increase in cross-border financial investigations. This trend is likely to continue as international cooperation becomes increasingly important in the fight against financial crime.
Legal Framework Changes: Responding to Current Challenges
Finally, the Swiss legal framework is undergoing changes to address current challenges in financial crimes:
- A new anti-money laundering law, effective as of January 1, 2020, introduces various measures to enhance the legal framework’s effectiveness. These measures include:
- Strengthened customer due diligence provisions
- A more stringent penalty regime
Adapting to the Shifting Landscape
As financial crimes continue to evolve, staying informed about these trends and adapting to the shifting landscape is essential for white-collar defense. Understanding the current financial crime trends in Switzerland can help practitioners anticipate potential developments and provide effective counsel to their clients.