50px-Flag_of_Switzerland.svg Switzerland

New Documents

The Swiss Federal Council announced the implementation of the European Union’s 12th package of sanctions against Russia for its ongoing military aggression against Ukraine.

The Office of the Attorney General of Switzerland filed an indictment against two individuals for allegedly having provided financial support to the Islamic State of Iraq and the Levant, a proscribed terrorist organization.


Enforcement Actions

The Financial Market Supervisory Authority concluded enforcement proceedings against the Zurich, Switzerland-based financial institution and its legal successor for systematically violating financial market law in the context of its business relationship with Archegos Capital Management.

The Office of the Attorney General of Switzerland ordered the Prilly, Switzerland-based company to pay CHF 81 million after it was convicted of corporate criminal liability in connection with employees bribing public officials in Brazil, Colombia and Venezuela.

Important Facts

  • The U.S. Department of State labels Switzerland as a major money laundering jurisdiction. The country’s central geographic location; political neutrality; relative social and monetary stability; sophisticated financial services sector; increasing presence in precious metals refinement; and long tradition of banking secrecy all contribute to Switzerland’s success, while also making Switzerland a prime target for money laundering abuse. Reports indicate criminals attempt to launder illegal proceeds in Switzerland via financial crimes, narcotics trafficking, arms trafficking organized crime, and terrorism financing. Switzerland has been a favored venue for kleptocrats to stash ill-gotten funds. Foreign narcotics trafficking organizations, often based in Russia, the Balkans, Eastern Europe, South America and West Africa, dominate narcotics-related money laundering operations in Switzerland. According to a 2015 national assessment of money laundering and terrorist financing in Switzerland, the main threats for the financial sector are fraud, embezzlement, corruption and criminal organizations. There are currently 21 casinos in Switzerland. While casinos are generally well regulated, there are concerns they are being used to launder money. Corrupt casino employees also are known to have facilitated drug money laundering activities.
  • KYC covered entities:Banks; securities and insurance brokers; money exchangers or remitters; financial management firms and wealth managers; investment companies; insurance companies; casinos; financial intermediaries; commodities traders; and investment advisors
  • STR covered entities:Banks; securities and insurance brokers; money exchangers or remitters; financial management firms and wealth managers; casinos; financial intermediaries; and investment advisors
  • Enhanced due diligence procedures for PEPs:Foreign:YesDomestic:Yes
  • Money laundering Criminal Prosecutions/Convictions: Prosecutions:687 (2014); Convictions:57 (2014)
-Source: 2016 International Narcotics Control Strategy Report (INCSR)


FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 8 High : 0
Largely Compliant : 27 Substantial : 7
Partially Compliant : 5 Moderate : 4
Non-Compliant : 0 Low : 0

Switzerland's technical compliance was re-rated in a Feb. 13, 2020 follow-up report


Rank : 68/110
Score : 4.89/10


Rank : 7/180
Score : 84/100

Tax Justice Network i

Rank : 3/133
Score : 74/100