Switzerland has become more serious about banking transactions


Switzerland is actively involved in the fight against money laundering. According to External link, last year the number of reports filed exceeded 7,500, while two years ago the number was barely more than 6,000. Accordingly, the Swiss authorities decided to pay more attention to the fight against tax evaders.

Over the past year, Swiss tax authorities have been able to process more than 4,000 reports, with more than half of them sent to law enforcement agencies as a result, as stated in its annual internal link report published on Thursday.

By the end of 2019, there were still 6,095 suspicious cases, including thousands from previous years, waiting to be processed. This is about one-fifth more than at the end of 2018. And until all the information accumulated over the previous years is processed, Switzerland will not be able to close all the holes and loopholes that are used by unscrupulous entrepreneurs to launder money.

114 alleged cases of terrorism

The total amount of assets reported on suspicion of money laundering in 2019 was 12.9 billion Swiss francs ($13.2 billion) as of November 22, when the Agency switched to a new internal information system.

The situation turned out to be exactly the same as before: the assets were obtained mainly from suspects in the implementation of fraudulent schemes or corruption crimes. Most of the requests are sent to the tax service by banks or payment service providers. And unlike financial institutions, lawyers, Trustees, and notaries have not increased the number of reports sent over the past year. Whether this means that the above-mentioned persons refuse to cooperate-time will tell.

In total, the office received more than 110 reports of possible money laundering, which is slightly less than in the previous year. About 14% of these requests reached the court. In more than three-quarters of cases, reports were caused by newspaper reports (35%), transaction monitoring (24%), or information from third parties (19%).

In early 2020, the office introduced a new online external link system for reporting. Now authorized persons will be able to send requests faster and easier. This state of affairs is expected to encourage notaries, lawyers, and Trustees to become more active in the fight against money laundering. After all, Switzerland is among the world leaders in the number of offshore accounts. Accordingly, the introduction of new measures to combat money laundering will be useful here.

In recent years, the Swiss authorities have become actively involved in the international fight against money laundering. This allowed Switzerland to emerge from the blacklist of the OECD. And the current policy of the country indicates that the Swiss will continue to adhere to the set course in the future.

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