Switzerland has adapted its ML/TF/PF legislation several times in recent years - among others to make it compliant with international standards. The Financial Action Task Force (FATF), which is responsible for this area, has certified on numerous occasions that Switzerland's current system is generally robust and effective. In recent years, Switzerland has strengthened its preventive legal framework, especially in relation to politically exposed persons (PEPs). It has improved the updating of client data and the verification of the identity and transparency of beneficial owners (e.g. by abolishing anonymous bearer shares) and has added tax fraud as a predicate offence. In May 2024, the Federal Council adopted a draft law that, among other things, provides for the establishment of a federal register of the beneficial owners of legal entities and the subjection of legal advisors to due diligence requirements in high-risk transactions. Moreover, the Swiss authorities continue to regularly assess the ML/TF/PF risks faced by Switzerland. The third national assessment of the risks of money laundering, terrorist financing, and proliferation financing is scheduled for 2026. The Money Laundering Reporting Office (MROS) received almost 12,000 suspicious activity reports in 2023, testifying to the high level of awareness in the financial sector. Furthermore, within the framework of international development cooperation, Switzerland supports various global initiatives to strengthen AML/CFT capacity in recipient countries.

How Switzerland supports the fight against financial crime, corruption and tax evasion, and works in the area of asset recovery