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 Financial Action Task Force (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 consultation on the amendments to the Money Laundering Act (AMLA) ended on 21 September 2018. 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 2018, the FATF adopted country reports on Iceland, Saudi Arabia, Bahrain, the United Kingdom and Israel. These countries are in a follow-up process, as is Switzerland.
The FATF's activities in 2018 also focused on the fight against terrorist financing. The FATF paid special attention to virtual assets and the applicability and adaptation of the corresponding recommendations. On the subject of economic entitlement, a report has been published that analyzes the techniques for disguising beneficial ownership.
Furthermore, in order to ensure improved continuity, the presidential mandate was extended by two years as of 2020. Concerning the legal status of the FATF, initial solutions have been discussed which should strengthen international perception of the FATF. A dialogue was finally set up with the private sector players concerned to discuss opportunities and challenges in the area of Fintech/RegTech.
Last modification 10.05.2019