FATF Acknowledges Switzerland's Advances in AML and CFT Measures Strengthening

Friday, 27 October, 2023

On October 19, 2023, the world witnessed a significant milestone as the Financial Action Task Force (FATF) unveiled Switzerland's highly anticipated fourth follow-up report, a testament to the country's unwavering commitment to financial integrity since its last evaluation in 2016.

Commendably, Switzerland's strides in fortifying its financial landscape, including the landmark revision of the Anti-Money Laundering Act (AMLA) in March 2021, have not gone unnoticed by the FATF. Yet, this pivotal moment signals an opportunity for even greater advancements in key areas to elevate the country's financial center to unprecedented heights of integrity and excellence.

The FATF noted that Switzerland has made significant progress in a number of areas, including:

Improving the supervision of financial institutions: Switzerland has strengthened the supervision of its financial institutions, including by requiring them to implement more robust AML and CFT controls.
Enhancing its law enforcement capabilities: Switzerland has increased its resources for AML and CFT investigations and prosecutions.
Improving its international cooperation: Switzerland has strengthened its cooperation with other countries on AML and CFT issues.

The FATF also noted that Switzerland has made progress in addressing certain areas where it had previously identified weaknesses, such as:

Investigating and prosecuting money laundering and terrorist financing cases: Switzerland has increased the number of money laundering and terrorist financing cases that it investigates and prosecutes.
Confiscating criminal assets: Switzerland has improved its ability to confiscate criminal assets, including through the use of new civil asset forfeiture laws.
Preventing the financing of terrorism: Switzerland has strengthened its measures to prevent the financing of terrorism, including by requiring financial institutions to conduct more rigorous due diligence on their customers.

The FATF's recognition of Switzerland's progress is a significant achievement. It demonstrates that Switzerland is committed to combating money laundering and terrorist financing and is taking the necessary steps to implement effective AML and CFT measures.

Implications of the FATF's Statement

The FATF's statement has many implications for Switzerland and the global community.

For Switzerland, the statement is a validation of its efforts to strengthen its AML and CFT measures. It is also likely to boost Switzerland's reputation as a global financial center.

For the global community, the statement serves as a reminder of the importance of international cooperation in combating money laundering and terrorist financing. It also highlights the need for countries to continue to strengthen their AML and CFT measures.

Source:

https://www.admin.ch/gov/en/start/documentation/media-releases.msg-id-98285.html