REPORT SAYS SWITZERLAND SHOULD GET TOUGHER ON MONEY LAUNDERING

On 30 August, Swissinfo reported that a report from the Swiss Federal Audit Office (SFAO) says that Swiss legislation is lagging behind in the fight against money laundering, and “seldom anticipates developments at international level”, and that its audits have “revealed weaknesses and, hence, financial and reputational risks for the Swiss authorities”.  It points particularly to the slowness of courts dealing with economic crimes cases and “the low dissuasive effect of criminal sanctions and legal costs”.  The Office of the Attorney General (OAG) said it shared the SFAO’s concerns.

https://www.swissinfo.ch/eng/switzerland-should-get-tougher-on-money-laundering–says-report/47862636

https://www.efk.admin.ch/images/stories/efk_dokumente/publikationen/_sicherheit_und_umwelt/justiz_und_polizei/21447/21447BE-WiK-e.pdf

https://www.efk.admin.ch/en/publications/security-and-environment/justice-and-police/combating-economic-crime-summary-report-on-audits-by-the-swiss-federal-audit-office.html

The report (in German) –

https://www.efk.admin.ch/images/stories/efk_dokumente/publikationen/_sicherheit_und_umwelt/justiz_und_polizei/21447/21447BE-Endgueltige-Fassung-V04.pdf

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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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