Financial Crime World

Switzerland’s Financial Intelligence Unit Plays Pivotal Role in Combating Money Laundering and Terrorist Financing

Introduction

In its quest to combat money laundering and terrorist financing, Switzerland has established a central financial intelligence unit that plays a crucial role in filtering out suspicious transactions. The Money Laundering Reporting Office Switzerland (MROS) at the federal police authority (fedpol) is responsible for receiving and analyzing reports of suspicious activity related to these criminal activities.

Functionality

Receiving and Analyzing Reports

According to the Anti-Money Laundering Act, MROS receives and analyzes suspicious activity reports from financial intermediaries, including banks and other financial institutions. If necessary, it forwards these reports to law enforcement agencies for further action. This critical function enables authorities to take swift and effective action against those involved in money laundering and terrorist financing.

Additional Responsibilities

  • Publishing Annual Statistics: MROS publishes annual statistics on the progress of Switzerland’s efforts to combat money laundering, organized crime, and terrorist financing.
  • Identifying Typologies: The unit also identifies typologies that are useful for training financial intermediaries, helping them to recognize and report suspicious transactions more effectively.

Cooperation with Law Enforcement Agencies

While not a police authority in its own right, MROS is an administrative unit with special tasks. Its close cooperation with law enforcement agencies ensures that information is shared promptly and legally admissible, enabling effective investigations and prosecutions.

International Collaboration

Egmont Group Membership

MROS is also a member of the Egmont Group, an international association of Financial Intelligence Units (FIUs). The Egmont Group aims to foster a secure, prompt, and legally admissible exchange of information among its members, thereby enhancing global efforts to combat money laundering and terrorist financing.