Financial Crime World

Switzerland’s Money Laundering Reporting Office (MROS) Reports Surge in Financial Crimes

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Swiss authorities at the Money Laundering Reporting Office (MROS) have announced a significant increase in financial crimes, with an increasing number of Suspicious Transaction Reports (STRs) being filed in 2022.

Overview of MROS

  • The MROS is a division of the Federal Office of Police (Fedpol) in Switzerland
  • It serves as a mediator and filtration point between financial institutions and law enforcement agencies
  • Financial institutions in Switzerland are required by law to report any transactions suspected of having links to financial crimes to the MROS

Rising Number of STRs

  • Over 36,000 STRs have been received by the MROS in 2022
  • An increase compared to previous years
  • The increase during the first half of 2022 is particularly concerning

Types of Financial Crimes

  • Money laundering
  • Tax evasion
  • Terrorist financing
  • The number of STRs filed had been steadily increasing in preceding years
  • The steep increase in reports in 2022 is cause for concern

Comment from MROS Spokesperson

  • Increase in reports related to complex and sophisticated money laundering activities
  • Importance of continued collaboration between financial institutions and law enforcement agencies

Swiss Authorities’ Response

  • Vigilance in combating financial crimes
  • Intensified scrutiny of financial institutions by Swiss Financial Market Supervisory Authority (FINMA)
  • Focus on anti-money laundering procedures and internal controls

Global Regulatory Requirements

  • Switzerland signed the revised Convention on Mutual Administrative Assistance in Tax Matters
  • Enhances transparency and strengthens international cooperation in combating financial crimes

Conclusion

  • Continued efforts from Swiss authorities to combat financial crimes
  • Implications for financial instability and reputational damage
  • Global leader in the fight against financial crimes.