NEW CASE LAW ON CIVIL LIABILITY FOR MONEY LAUNDERING IN SWITZERLAND

An article from Baldi & Caratsch on 23 October said that new case law in the field of asset recovery comes to the aid of victims of financial crime.  It reports that the Swiss Federal Supreme Court has held that the victims of fraud and other financial crimes have a claim to compensation not just against the author of the predicate crime, but also against the money launderer whose acts thwarted the state’s possibilities to confiscate and return the ill-gotten funds to the victim.  The article says that the new case law is likely to lead to an increase in legal claims against banks and other providers of auxiliary services used by fraudsters, as it introduces a more reasonable burden to prove their ancillary liability.

I had omitted the following link (as it did not seem to generate much interest!), but it seemed time to add it again and say that, if you would like to make a (polite) gesture and help me with my removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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