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Switzerland Takes Steps to Enhance Anti-Money Laundering and Combating the Financing of Terrorism

The Swiss government has made significant strides in improving its anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations, as reported by a recent report. Switzerland’s Financial Action Task Force (FATF) rating has been upgraded to “largely compliant” due to its efforts to address deficiencies in its AML/CFT regime.

Improving Non-Profit Organization Regulations

One area where Switzerland has made notable progress is with regards to non-profit organizations (NPOs). The country has introduced a new law that requires NPOs presenting high risks in terrorism financing to register with the company registry. This move aims to increase transparency and prevent the misuse of charitable organizations for terrorist activities.

• The Swiss government has launched an outreach campaign among the NPO sector, publishing a report on the risks of terrorism financing and consulting with private sector stakeholders.
• Switzerland has taken steps to improve its supervision measures for NPOs, including enhancing due diligence requirements and increasing cooperation between law enforcement agencies and financial institutions.

Other Key Developments

In other areas, Switzerland has made progress in implementing new requirements related to:

• Information exchange
• Group-wide AML/CFT programs
• The prohibition on disclosing suspicious transactions

The country’s Financial Market Supervisory Authority (FINMA) has been granted more powers to sanction financial institutions that fail to comply with AML/CFT regulations.

Conclusion

While there are still some deficiencies remaining, Switzerland’s efforts to improve its AML/CFT regime have been recognized by the FATF. The country is now considered “largely compliant” with international standards and is expected to continue making progress in this area.

Key Takeaways

• Switzerland has introduced a new law requiring NPOs presenting high risks in terrorism financing to register with the company registry.
• The Swiss government has launched an outreach campaign among the NPO sector to raise awareness of the risks of terrorism financing.
• Switzerland has taken steps to improve its supervision measures for NPOs, including enhancing due diligence requirements and increasing cooperation between law enforcement agencies and financial institutions.
• The country’s FINMA has been granted more powers to sanction financial institutions that fail to comply with AML/CFT regulations.
• Switzerland is considered “largely compliant” with international AML/CFT standards.