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.
In addition to the Anti-Money Laundering Act, the Swiss Civil Code, the Criminal Code, the Precious Metals Control Act and the Financial Market Supervision Act were also amended in order to implement the measures.
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.
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:
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.
Bericht «National Risk Assessment (NRA): Betrug und Phishing zwecks betrügerischen Missbrauchs einer Datenverarbeitungsanlage als Vortat zur Geldwäscherei» (PDF, 1 MB, 19.09.2023)(only in German and in French)
Bericht "National Risk Assessement (NRS): Korruption als Geldwäschereivortat" (PDF, 2 MB, 15.07.2019)(only in German and in French)
National Risk Assessment (NRA): Bericht über die Bargeldverwendung und deren Missbrauchsrisiken für die Geldwäscherei und Terrorismusfinanzierung in der Schweiz (PDF, 1 MB, 19.12.2018)(only in German and in French)
Bericht «National Risk Assessment (NRA): Geldwächereirisiken bei juristischen Personen» (PDF, 3 MB, 07.11.2018)(only in German and in French)
MROS annual reports
Aufsicht über die Rohstoffhandelstätigkeiten unter dem Blickwinkel der Geldwäscherei - Bericht des Bundesrates in Erfüllung des Postulats 17.4204 Seydoux-Christe vom 14.12.2017 (only in German and in French)
Last modification 19.09.2023