Switzerland: Switzerland makes progress in money laundering fight

Author(s): UNK | Date: December 7, 2016 | Language: English
Source: http://www.businesstimes.com.sg/ | URL: https://goo.gl/o8ic4y | Type: Text

Switzerland has boosted anti-money laundering measures over the last decade but could still do more to prevent financial crime, the inter-governmental Financial Action Task Force (FATF) said on Wednesday.
Once a haven for untaxed and illicit assets, the small but influential finance hub has been stung into action by a global push to combat money laundering and financial crime. That has led to considerable improvement in its efforts since 2005, the global task force said.
“Switzerland demonstrates a strong commitment to mutual legal assistance,” FATF said in a statement.
“It should continue to pursue its efforts on all other forms of international cooperation, including on the supervision of financial groups given the key role of the Swiss financial centre.”
Legal reforms and assistive investigations had strengthened the country’s efforts and helped return considerable sums in a number of international grand corruption cases.

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