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 2020, the evaluations of South Korea and the United Arab Emirates were adopted. In addition to the USA, Sweden, China and Iceland, Switzerland has also been evaluated as part of the follow-up process. It was able to slightly improve its compliance with the 40 recommendations. In recommendation 15, which now also includes virtual assets, Switzerland maintained its assessment of «largely compliant».
Moreover, the FATF adopted a report to the G20 on Stablecoins and their money laundering risks. It has also published a guidance on digital identities and their use. Furthermore, the FATF focused on work related to the transparency of the beneficial owner and proliferation financing. The revision of the proliferation-financing standard, which was started in 2018, has been completed in October 2020.
Last modification 14.12.2020