Financial Crime World

Switzerland Takes a Staunch Stand Against Terrorist Financing with Robust Counter-Regulations

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Switzerland’s Commitment to Combating Money Laundering and Terrorist Financing

In its efforts to maintain the integrity of its financial centre, Switzerland has taken a firm stance against money laundering and terrorist financing. The country is committed to upholding international standards in this regard and has implemented robust regulations at the national level.

The Threat of Terrorist Financing

Terrorist financing poses a significant threat to global security, and Switzerland recognizes the importance of preventing illicit funds from entering the legal economy. To achieve this goal, the country actively participates in the development of international standards on money laundering and terrorist financing, as well as enacts them consistently through its national legislation.

International Cooperation

At the international level, Switzerland plays a key role in combating money laundering and terrorist financing through its membership in organizations such as:

  • Financial Action Task Force (FATF)
  • Ratified conventions:
    • Terrorist Financing Convention
    • Vienna Convention
    • United Nations Convention against Transnational Organized Crime

National Measures

In addition to international cooperation, Switzerland has implemented robust measures at the national level to counter money laundering and terrorist financing. These measures are based on:

  • Anti-Money Laundering Act
  • Criminal Code
  • Relevant supplementary provisions in other federal laws

The Money Laundering Reporting Office Switzerland registers reports of suspicious activity by financial intermediaries and forwards them to prosecution authorities when necessary.

Supervisory Bodies

The Swiss Financial Market Supervisory Authority (FINMA) and the Federal Gaming Board (FGB) also play a crucial role in monitoring compliance with due diligence obligations by financial intermediaries under their supervision.

Conclusion

Switzerland’s commitment to combating money laundering and terrorist financing has earned it a reputation as one of the world’s leading financial centres, while also protecting its citizens from the threat of terrorism.