Switzerland Teams Up With Monaco Against Money Laundering

by Ulrika Lomas, Tax-News.com, Brussels

28 January 2002

Switzerland's money laundering control authority has announced that the country has signed an agreement with Monaco to promote the exchange of information in international cases of money laundering; similar agreements had already been signed with Belgium and Finland.

The Swiss government recently reorganised the money laundering control authority, after a report from the House of Representatives last June had criticised the implementation of parts of the federal money-laundering act, in particular the authority’s organization. The authority's chief executive, Niklaus Huber, resigned, although he may have been more sinned against than sinning, and alleged that he had not received either the political or financial support necessary to do his job.

All that changed after September 11th, and new head Dina Balleyguier has seen the number of her staff increase three-fold to 21, with another four positions to be filled by summer. 'I asked specifically for extra staff and I got them,' she explained. 'And I have been promised the support I need, right up the the Finance Minister himself, if necessary.'

Switzerland’s money laundering control authority is one of 58 financial intelligence units worldwide. These cells are centred around the “Egmont Group”, whose aim is to promote the safe exchange of information on criminal funds.

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