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 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. 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. More on the current national proposals can be found under the topic Integrity of the financial centre.
In June 2023, the FATF adopted the evaluations of Luxembourg. Furthermore, the FATF has published an update on the status of implementation of the recommendation on Virtual Asset Service Providers (VASPs). The implementation of this recommendation is still deficient worldwide. This creates significant loopholes that criminals can exploit.
Last modification 30.08.2023