Federal Council approves report on illicit financial flows from developing countries

Bern, 12.10.2016 - Today, the Federal Council approved the report on illicit financial flows from developing countries. The report provides an overview of measures to combat financial flows of this type. The Federal Council is aware of the challenges associated with this topic and continues to be prepared to contribute actively to the formulation of solutions at the international level.

With the report published today, the Federal Council is fulfilling both postulates from National Councillor Maja Ingold of 26 September 2013 (13.3848) and the Councillor of States Liliane Maury Pasquier of 23 September 2015 (15.3920) on the problem of illicit financial flows from developing countries.

The report provides an overview of measures which counter the cross-border movement of capital in connection with illegal and unfair activities. These activities include money laundering, corruption, tax evasion and tax avoidance.

The extent of illicit financial flows is considerable and constitutes an obstacle for sustainable development in the countries concerned. The international community has recognised that illicit financial flows can be curbed only with an internationally coordinated approach and has responded with a number of measures such as the issuance of standards and recommendations. Switzerland supports the international measures and has taken or initiated extensive measures to guarantee the integrity of itsfinancial centre.

Address for enquiries

Beat Werder, Communications, State Secretariat for International Financial Matters SIF
Tel +41 58 469 79 47, beat.werder@sif.admin.ch


The Federal Council

Federal Department of Finance