CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. US Ambassador To Switzerland Praises Anti-Money Laundering Efforts

US Ambassador To Switzerland Praises Anti-Money Laundering Efforts

by Ulrika Lomas, Tax-News.com, Brussels

24 December 2001


In what must be a breath of fresh air for the Swiss banking industry, which has come under fire from all quarters lately over its anti-money laundering practices and refusal to relax banking secrecy laws, the US Ambassador to Switzerland, who took up his post on September 11th, has praised the country's commitment to the international fight against money laundering and terrorist financing.

'The US is extremely pleased with this country's efforts,' Mercer Reynolds explained last week. 'The Swiss are at the forefront in fighting the financial side of terrorism. They formed a task force to deal with terrorism related issues, and the results are very dramatic in terms of what has been achieved.'

According to the US ambassador, over SFr32.82 million ($20 million) in assets from around 60 accounts has been frozen as part of the Swiss anti-money laundering drive. However, he denies that the large amount of potential terrorist financing found in the country's banking sector is an indication that Switzerland is a haven for such assets, explaining to the Swissinfo news service that: 'Thirty-five percent of the world's trans-national wealth is in Switzerland. It's not surprising to find money here that supports bin Laden's efforts.'

Mr Reynolds called for stronger diplomatic and political ties between the US and Switzerland, although he admitted that in the minds of many American citizens, the offshore financial centre was viewed through 'the old spy model'. He suggested that the forthcoming annual meeting of the World Economic Forum in New York could be the country's chance to shine.

'I think it will be a time for Switzerland to show the world what they're doing not only to fight terrorism, but to also show they can be a world political force in the future,' he told the Swiss news service.


To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »