Financial Crime World

Switzerland Toughens Stance on Financial Crimes with New Legislation

In an effort to combat financial crimes, Switzerland has introduced a new legislation aimed at tackling corporate fraud, bribery, corruption, insider dealing, market abuse, money laundering, terrorist financing, and breaches of financial/trade sanctions. The Financial Crimes Act, which came into effect last month, provides a comprehensive framework for investigating and prosecuting such offenses.

Key Provisions

  • Companies found guilty of financial crimes can face severe penalties, including fines and imprisonment for individuals responsible.
  • Strict regulations on financial record keeping and due diligence are introduced to prevent fraudulent activities.
  • Corporate liability is established for financial offenses, making it clear that companies can be held responsible for the actions of their employees.

Commitment to Combating Financial Crimes

“We are committed to maintaining Switzerland’s reputation as a safe and secure place to do business,” said Ursula Schneider-Anderegg, head of the Swiss Federal Department of Justice and Police. “This new legislation demonstrates our commitment to tackling financial crimes and protecting the integrity of our financial system.”

International Reaction

The Financial Crimes Act has been welcomed by international organizations and experts who have praised Switzerland’s commitment to combating financial crimes.

“Switzerland’s new Financial Crimes Act is a significant step forward in the fight against financial corruption,” said Martin Brown, head of Transparency International’s Swiss chapter.

Reforms and Protections

  • The legislation introduces reforms aimed at improving cross-border cooperation between countries to combat financial crimes.
  • Whistleblowers who report financial crimes will be protected under the new law.
  • Companies will be required to implement measures to manage exposure to corruption and corporate crime.

Conclusion

Switzerland’s new Financial Crimes Act is a significant development in the fight against financial crimes and demonstrates the country’s commitment to maintaining its reputation as a safe and secure place to do business. The legislation provides a comprehensive framework for investigating and prosecuting financial crimes, and introduces reforms aimed at improving cross-border cooperation and protecting whistleblowers.