Swiss Financial Self-Regulation Mechanisms in the Fight Against Money Laundering and Terrorist Financing

Norberto Birchler

Chapter 12 in Globalization and the Reform of the International Banking and Monetary System, 2009, pp 247-257 from Palgrave Macmillan

Abstract: Abstract The role that self-regulation plays in the Swiss financial sector has proven its efficiency, since the legislation supports and encourages its developments as an alternative form of regulation. Contrary to state regulation, self-regulation brings a bottom-up approach, granting all financial actors the possibility to be heard and to participate in the regulatory process, which makes the Swiss system so unique in the financial world. As the cornerstone of Switzerland’s financial market architecture, self-regulation plays an important part in the fight against money laundering and terrorist financing. In spite of old criticisms formulated by the Financial Action Task Force (FATF) towards the Swiss complex self-regulation system, self-regulatory norms are now given greater legitimacy, effectiveness and credibility to coexist with state regulations in the international combat against money laundering and terrorist financing, particularly in the perspective of both globalisation and bank reform.

Keywords: Financial Market; Banking Sector; Money Laundering; Financial Intermediary; Supervisory Authority (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-0-230-25106-9_12

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DOI: 10.1057/9780230251069_12

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