Integrity of the financial centre

Switzerland attaches great importance to a clean financial centre and has an effective anti-money laundering and counter-terrorist financing regime in place. It rigorously applies this regime.

Illegal financial flows undermine a financial sector's integrity. They prevent sustainable growth and fuel crime, terrorism and corruption.

It is thus crucial for Switzerland to keep its financial centre clean and to consistently protect it from abuse. It works to ensure this at the international level as well.

National adjustments to protect the financial centre and combat money laundering

The Federal Council continually strives to increase transparency and combat money laundering. Work is currently under way to adapt the statutory basis that protects the financial centre. The proposal includes the introduction of a federal register of beneficial owners of legal entities, due diligence requirements for particularly high-risk activities in the legal professions and other measures necessary to combat money laundering and terrorist financing more effectively. The proposed measures are in line with the requirements of international standards.

For more on the specific measures from the bill, see:

The Anti-Money Laundering Act had already been revised recently, as Parliament adopted the amendment to the Anti-Money Laundering Act on 19 March 2021. This revision sought to implement some of the most important recommendations from the Financial Action Task Force's mutual evaluation report of 2016 and to strengthen Switzerland's defence mechanism.

The revision provided for measures for financial intermediaries in the areas of beneficial ownership, updating of client data and suspicious activity reports concerning money laundering. Moreover, it promoted the transparency of associations and strengthened supervision and controls for precious metals. The revised Anti-Money Laundering Act entered into force on 1 January 2023.

On 19 October 2023, the Financial Action Task Force (FATF) published Switzerland's fourth follow-up report subsequent to the country's last mutual evaluation in 2016. The FATF acknowledges the progress made by Switzerland, especially with the revision of the Anti-Money Laundering Act (AMLA) adopted in March 2021. 

International cooperation to ensure the integrity of the Swiss financial centre

Switzerland actively participates internationally in the fight against money laundering and terrorist financing. In particular, it plays an active part in the Financial Action Task Force (FATF).

The FATF member states' compliance with the FATF standards is regularly evaluated. The FATF evaluated Switzerland for the fourth time in 2016. Although the FATF acknowledged the overall good quality of the Swiss system, it identified certain shortcomings and made corresponding recommendations.

Coordinating group

The Federal Council established the interdepartmental coordinating group on combating money laundering and the financing of terrorism (CGMF) in 2013. The CGMF published the first report on the national assessment of the risks of money laundering and terrorist financing (NRA) in June 2015 and the second report in October 2021:

1st National report on risks of money laundering and terrorist financing (June 2015)

2nd National report on risks of money laundering and terrorist financing (Octobre 2021)

The CGMF has also published several analyses of money laundering and terrorist financing risks in various areas (see below: "Further information" > "Reports"). Further analytical reports are being prepared.

Further information

Reports

Reports GAFI

Reports CGMF

MROS annual reports

Other reports

Last modification 04.06.2024

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info@sif.admin.ch

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Trailer of the current bill to amend the anti-money laundering act.

https://www.sif.admin.ch/content/sif/en/home/finanzmarktpolitik/integritaet-des-finanzplatzes-.html