Switzerland: Report on the Observance of Standards and Codes—FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism

International Monetary Fund

No 2007/309, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper reviews Observance of Standards and Codes on the Financial Action Task Force (FATF) Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) for Switzerland. The paper discusses that The Federal Banking Commission (CFB) is the oversight body for banks, securities dealers, and fund managers in Switzerland. The intermediaries under its control may also join a self-regulatory organization that can set minimum standards. Nevertheless, the power to specify the rules for implementing the LBA (Loi sur le blanchiment d’argent) and to enforce those rules is essentially reserved to the oversight authority.

Keywords: ISCR; CR; due diligence; customer requests recording; ordering customer; prosecution authorities; penal code; supervisory authority; Nonbank financial institutions; Money laundering; Anti-money laundering and combating the financing of terrorism (AML/CFT); Insurance companies; Legal support in revenue administration (search for similar items in EconPapers)
Pages: 25
Date: 2007-09-10
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