In a report published last week, the Swiss Money Laundering Control Authority (MLCA) revealed that money laundering investigations in the non-banking sector rose by 74% in 2004, an increase attributed to high compliance levels by financial intermediaries with the country's money laundering laws.
Explaining that such professionals have become more willing to submit to inspections, the MLCA announced on Thursday that it had investigated 452 financial institutions last year, up from 259 in 2003.
The report praised the increasing levels of cooperation from intermediaries who are "voluntarily moving from the shadows into the light", and revealed that many financial firms are now using self-regulatory bodies, or seeking MLCA authorisation.
According to the Swissinfo news service, the Authority additionally explained that:
"The MLCA's practice of taking more stringent action against illegally active financial intermediaries is also sending a clear signal. For the first time the finance ministry issued a fine of SFr40,000 based on a complaint by the MLCA."
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