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Switzerland Takes a Leading Role in Combating Financial Crime in Emerging Markets

In its commitment to combating financial crime, corruption, and tax evasion, Switzerland has taken significant steps to mitigate risks and strengthen international cooperation. As one of the world’s most important financial centers, Switzerland has adapted its legislation and policies to meet international standards.

Automatic Exchange of Financial Account Information (AEOI)

Switzerland is making a difference through AEOI with over 100 partner states, including emerging and developing countries. Since 2017, it has transmitted data on over 4 million financial accounts to its 96 partner states in 2021.

Switzerland’s network for tax-related administrative assistance upon request currently comprises over 140 states, and the country responded to over 3,000 requests from 2019 to 2021. The Global Forum on Transparency and Exchange of Information for Tax Purposes has rated Switzerland’s implementation of international administrative assistance in tax matters as “largely compliant”.

Base Erosion and Profit Shifting (BEPS)

Switzerland actively participates in the BEPS project, implementing the agreed BEPS minimum standards to prevent companies from exploiting tax loopholes. The country currently exchanges information with over 60 partner states, including emerging economies.

Combating Money Laundering and Terrorist Financing (AML/CFT)

Switzerland’s efforts to combat AML/CFT have been praised by the Financial Action Task Force (FATF), which has certified that Switzerland’s system is generally robust and effective. The country has strengthened its preventive legal framework, especially in relation to politically exposed persons, and has improved the verification of beneficial ownership.

Extractive Industries Transparency Initiative (EITI)

Switzerland supports EITI through funding and representation on the EITI Board, and has implemented measures to increase transparency in the extractive sector.

Asset Recovery

If assets originating from criminal activities enter the Swiss financial system, Switzerland is prepared to provide assistance to freeze and confiscate these assets, as well as return them to their rightful owners. The country has a strong track record of asset recovery, having returned over USD 2 billion to affected populations worldwide.

Anti-Corruption Efforts

Switzerland’s anti-corruption efforts are also notable. The country is an active member of several international anti-corruption mechanisms, including the G20 anti-corruption working group and the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions.

Development Cooperation

Through its development cooperation, Switzerland contributes to strengthening anti-corruption and financial supervisory authorities, as well as institutions such as the International Organization of Supreme Audit Institutions (INTOSAI). The country also engages in anti-corruption dialogue with international sports federations.

Conclusion

Overall, Switzerland’s efforts to combat financial crime, corruption, and tax evasion are making a significant impact on emerging markets.