Money Laundering Reporting Up In Switzerland
According to a recent report, money laundering reporting is up 50% this year
in Switzerland, as a result of greater compliance with the country's reporting
requirements by financial intermediaries such as accountants, wealth managers,
and lawyers. In an AFP/SAPA report released at the weekend, it emerged that although the
Swiss money laundering regulations requiring non-banking intermediaries to report
suspicious transactions have been in place since 1998, they are only now coming
into their own. 'I don't see fewer reports from banks, there are more year after year, and
the proportion from non-banking financial intermediaries is increasing in a
very significant manner,' deputy head of the Swiss Money Laundering Reporting
Office (MRO), Lorenzo Gerber announced, adding that of the cases reported, up
to three-quarters involve a 'foreign componant.' Speaking at a recent semminar on the issue, Swiss Finance Minister, Kaspar
Villiger told reporters that: 'We are at the forefront (of anti-money laundering
practices), and we want it to stay that way.' He also rejected the suggestion
that by refusing to lift banking secrecy provisions for the European Union's
savings tax initiative, the government is encouraging terrorist activity, observing
that: 'I think this connection is an artificial one. Some people who are only interested
in taxes use September 11 to put our philospohy in a bad light.' .
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