The Financial Action Task Force (FATF) is conceived as a leading international body for combating money laundering and terrorist financing. It has issued 40 recommendations and regularly checks whether member states have implemented them into their national law.
Switzerland plays an active role in the fight against cross-border financial crime, bearing in mind the internationally recognised standard of the FATF. The FATF is conceived as a leading international body for combating money laundering and terrorism financing and is headquartered at the OECD in Paris. It regularly reviews its members’ national regulations for the implementation of its 40 recommendations. These mutual evaluations are performed by representatives of other FATF member states.
On 7 December 2016, the FATF published the fourth mutual evaluation report on Switzerland. Overall Switzerland receives good marks, also in comparison to the other countries which have already been reviewed. Switzerland must, however, continue its efforts in the fight against money laundering and terrorist financing. The report therefore contains a number of recommendations for improving Swiss legislation and its implementation. Switzerland is being subjected to a follow-up process, which is customary within the framework of the evaluations of the FATF. The dispatch on the amendments to the Anti-Money Laundering Act (AMLA) was adopted on 26 June 2019. The bill takes account of the most important recommendations from the Financial Action Task Force's (FATF) Mutual Evaluation Report on Switzerland and strengthens the integrity of the financial centre.
In June 2022, the FATF adopted the evaluations of Holland and Germany. Both have made progress in their anti-money laundering legislation. The reports will be published in September 2022.
Furthermore, the FATF has adopted a report on "information sharing and data protection", which will be published in July 2022. This report contains observations and experiences of members of the FATF and its global network that have intensified information sharing with the private sector while meeting national data protection and privacy goals and obligations. In addition, the report on the status of implementation of the standard on Virtual Assets and VASP will be published at the end of June 2022. This shows that there is a need for further progress and action on the part of the private sector and the states. Furthermore, the private sector will be specifically consulted on the guidelines for implementing the FATF standard on information on beneficial ownership of legal persons before the guidelines are finalised in October 2022.
Last modification 22.06.2022