Money Laundering Reporting Up In Switzerland

by Ulrika Lomas, Tax-News.com, Brussels

30 October 2002

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.'

Recommended