The trail of money: Guide against human trafficking
Published: Monday, Nov 25th 2024, 16:50
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With annual profits of 236 billion dollars, human trafficking is one of the most profitable branches of organized crime. To combat it, Fedpol provides financial intermediaries with a guide to recognizing suspicious transactions.
It was published by the Money Laundering Reporting Office Switzerland (MROS) at Fedpol and the Organization for Security and Co-operation in Europe (OSCE), as announced by the Federal Office of Police on Monday. The project was launched by MROS and the Office of the Special Representative and Coordinator for Combating Trafficking in Human Beings at the OSCE.
Since then, they have compiled data with the involvement of various law enforcement and federal authorities, the financial sector and victim protection. According to Fedpol, the new guidelines offer financial intermediaries clear approaches and instruments.
These include indicators that point to human trafficking, such as large sums of cash or rental payments for several properties. The book also offers practical examples and shows ways to efficiently report suspicions to the authorities.
In Switzerland, human trafficking is considered a predicate offense to money laundering. According to Fedpol, however, there are few suspicious activity reports; in 2023, they accounted for less than one percent of all reports to MROS. The guidelines are intended to help reduce the discrepancy between the extent of the crime and the number of reports made.
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