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Switzerland Takes Bold Steps in the Global Fight Against Money Laundering

Anti Money Laundering

Switzerland Strict Money Laundering Law

Strengthening International Cooperation and Regulatory Frameworks

In a concerted effort to combat financial crimes, Switzerland has recently taken significant strides to fortify its anti-money laundering (AML) measures. Spearheaded by a landmark agreement with Panama, signed on February 27, 2024, Switzerland has bolstered its bilateral cooperation, setting a precedent for electronic transmission of mutual assistance requests. This groundbreaking collaboration aims to enhance reciprocal legal support between nations to combat transnational crimes, including money laundering, terrorism financing, and corruption.

Switzerland's commitment to fortifying its AML framework is evident through a series of legislative updates and international engagements. The Anti-Money Laundering Act (AMLA) of 1997, revised in 2016, alongside the Anti-Money Laundering Ordinance (AMLO), constitute the cornerstone of Swiss AML laws. These statutes outline the obligations of financial intermediaries in detecting and reporting potential money laundering or terrorism financing activities.

Recognizing the evolving nature of financial crimes, Switzerland has systematically upgraded its AML regulations through various legal amendments and proactive involvement of regulatory bodies. Recent developments include the Swiss Bankers Association's revised code of conduct (CDB 20) in 2020, amendments to the Money Laundering Act by the Swiss Parliament in March 2021, and revisions to the Money Laundering Ordinance by the Swiss Financial Market Supervisory Authority (FINMA) in October 2022.

Switzerland's proactive stance against financial crimes is underscored by its consideration of stringent enforcement actions and regulatory oversight. The country's commitment to combating terrorism financing is exemplified by its proposal to ban Hamas and related organizations, complementing efforts to strengthen prevention measures.

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