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Switzerland Stays Vigilant Against Money Laundering and Terrorist Financing

In its commitment to maintaining a clean financial centre, Switzerland has implemented a robust anti-money laundering (AML) regime that is rigorously applied. The country’s AML system is designed to prevent illegal financial flows from undermining the integrity of its financial sector.

Proposed Bill to Strengthen Anti-Money Laundering Measures

The Federal Council is continually working to increase transparency and combat money laundering by adapting the statutory basis for protecting the financial centre. A proposed bill aims to introduce a federal register of beneficial owners of legal entities, due diligence requirements for high-risk activities in the legal professions, and other measures necessary to combat money laundering and terrorist financing more effectively.

Recent Revisions to Anti-Money Laundering Act

The Anti-Money Laundering Act was recently revised, implementing recommendations from the Financial Action Task Force (FATF) mutual evaluation report of 2016. The revision strengthened Switzerland’s defence mechanisms by introducing measures for financial intermediaries, promoting transparency in associations, and enhancing supervision and controls for precious metals.

Fourth Follow-Up Report from FATF

In October 2023, the FATF published Switzerland’s fourth follow-up report, acknowledging progress made by the country, particularly with the revised Anti-Money Laundering Act adopted in March 2021. The report praised Switzerland’s overall good quality AML system but identified certain shortcomings and made recommendations for improvement.

International Cooperation Against Money Laundering and Terrorist Financing

Switzerland actively participates internationally in the fight against money laundering and terrorist financing through its membership in the FATF. The country is regularly evaluated on its compliance with FATF standards, which has led to a series of mutual evaluation reports.

Interdepartmental Coordinating Group (CGMF)

To coordinate efforts to combat money laundering and terrorist financing, the Federal Council established an interdepartmental coordinating group (CGMF) in 2013. The CGMF publishes regular reports on national risk assessments and analytical reports on various areas.

Switzerland’s Commitment to a Clean Financial Centre

Switzerland’s commitment to maintaining a clean financial centre is evident through its continuous efforts to adapt its AML regime to international standards and improve its defences against money laundering and terrorist financing.