Financial Crime World

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Switzerland Tightens Bolts on Terrorist Financing Prevention

Switzerland has taken significant steps to combat money laundering and terrorist financing, demonstrating its commitment to developing global standards in this regard. The country’s efforts are driven by a desire to prevent terrorists from accessing funds and illicit funds from being channeled into the legal economy.

International Efforts

Switzerland is an active participant in the development of international standards on money laundering and terrorist financing, having ratified and enacted several relevant conventions. As a key player in the Financial Action Task Force (FATF), Switzerland was involved in drafting the FATF 40 Recommendations, widely recognized as the global standard in this area.

Domestic Measures

Domestically, Switzerland has implemented robust measures to counter money laundering and terrorist financing. The Anti-Money Laundering Act forms the cornerstone of these efforts, with the Money Laundering Reporting Office Switzerland (MROS) at the Federal Office of Police registering reports of suspicious activity by financial intermediaries. The Swiss Financial Market Supervisory Authority (FINMA) and the Federal Gaming Board (FGB) also monitor compliance with due diligence obligations by financial institutions under their supervision.

International Recognition

Switzerland’s efforts to combat money laundering and terrorist financing have earned international recognition, with its legislation regarded as one of the soundest in the world. The country is a member of several key international organizations, including:

  • UN Security Council’s Counter-Terrorism Committee (CTC)
  • United Nations Office on Drugs and Crime (UNODC)

Cybercrime Prevention

As part of its commitment to preventing terrorist financing, Switzerland has also implemented measures to combat cybercrime, having ratified the Council of Europe Convention on Cybercrimes in 2001.

International Support

Switzerland’s efforts to prevent terrorist financing are supported by a range of international organizations, including:

  • Financial Action Task Force (FATF)
  • United Nations Office on Drugs and Crime (UNODC)
  • International Convention on the Financing of Terrorism

By strengthening its measures against money laundering and terrorist financing, Switzerland is demonstrating its commitment to protecting its reputation as a financial hub and preventing illicit funds from entering the legal economy.