Switzerland; Report on the Observance of Standards and Codesâ€”FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism

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 dâ€™argent) and to enforce those rules is essentially reserved to the oversight authority.

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Year of publication:	2007-09-10
Institutions:	International Monetary Fund (IMF) ; International Monetary Fund
Subject:	Combating the financing of terrorism \| Financial institutions \| Financial intermediation \| Reports on the Observance of Standards and Codes \| money laundering \| financial intermediaries \| due diligence \| terrorist financing \| criminal prosecution \| suspicious transaction report \| terrorism \| terrorist \| suspicious transaction \| supervisory authorities \| financing of terrorism \| penal code \| financial intermediary \| beneficial owners \| business relationships \| suspicious transactions \| legal arrangements \| due diligence measures \| competent authorities \| predicate offences \| criminal liability \| legal assistance \| suspicious transaction reporting \| transaction reporting \| restrictive conditions \| shell banks \| law enforcement \| administrative sanctions \| due diligence requirements \| precious stones \| reporting obligations \| professional secrecy \| business relations \| foreign authority \| fictitious names \| enforcement authorities \| anti ? money laundering \| terrorist financing purposes \| negotiable instruments \| terrorist assets \| foreign authorities \| insider trading \| criminal investigation \| money laundering offence \| identification obligations \| assessment methodology \| foreign branches \| predicate offence \| foreign counterparts \| dual criminality \| judicial authorities \| law enforcement authorities \| market manipulation \| international cooperation \| life insurance \| financial activity \| due diligence procedures \| wire transfer \| supervisory responsibilities \| anonymous accounts \| secure techniques \| police service \| customer identity \| supervisory bodies \| unusual transactions \| legislative measures \| money management \| internal control systems \| criminal proceeds \| supervisory authority \| cash transactions \| non financial businesses \| money laundering purposes \| precious metals \| criminal sanctions \| good faith \| suspicious transaction reports \| cross border transportation \| transaction reports \| domestic wire transfers \| criminal offence \| monetary union \| confiscation of property \| internal controls \| criminal law \| control structure \| police services \| smuggling cases \| investigative powers \| financial intelligence unit \| secrecy laws \| banking relationships \| cash transaction \| shell bank \| ensuring compliance \| illicit trafficking

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Extent:	application/pdf
Series:	IMF Staff Country Reports.
Type of publication:	Book / Working Paper
Notes:	The text is part of a series IMF Staff Country Reports Number 07/309 2 pages long
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10011245035