Switzerland Makes Progress in Fighting Money Laundering
Published: Thursday, Oct 19th 2023, 16:00
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The Financial Action Taskforce (FATF) has assessed Switzerland's progress in combating money laundering and terrorism financing and has found that the country has made significant progress. Out of forty recommendations, only three were rated as "partially compliant" - two fewer than three years ago. The FATF evaluations are considered the global standard, although they are not legally binding. Switzerland has committed to implementing the FATF recommendations. The latest report from the FATF attests to Switzerland's progress in combating money laundering, largely due to the revision of the Money Laundering Act in March 2021. However, further improvements are still needed in areas such as transparency of legal entities and advisory services related to the structuring of companies and trusts. The Swiss Federal Department of Finance has called this a "significant partial success". The Swiss Parliament will decide on the introduction of a register of beneficial owners and due diligence obligations for risk-bearing activities in legal professions. The next FATF assessment of Switzerland is expected to take place in 2027/2028.
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