After a global evaluation knocked Switzerland for not fully grasping its unique vulnerabilities to financial crime, the Swiss government has made strides towards identifying the threats but their newfound awareness has yet to translate into stronger laws and regulations. In October, six years after publishing their country's first national risk assessment, Swiss officials updated the report to reflect their conclusion that "the considerable risk of money laundering to which Switzerland is exposed has not changed fundamentally" and continues to mainly originate from "prior offenses committed abroad." At first glance their conclusion suggests nothing remarkable or even notable has occurred in...
Switzerland's Office of the Attorney General, or OAG, on Tuesday officially closed the book on an investigation into how a large share of the $230 million generated by a high-profile tax-fraud scheme in Russia more than a decade ago came to rest in Swiss bank accounts.
European nations deemed most vulnerable to money laundering, terrorist financing and other financial crimes often do not staff and resource their financial intelligence units to levels that account for their exposure, data reviewed by ACAMS moneylaundering.com shows.
The combined volume of suspicious transaction reports in Germany, France, the U.K. and 26 other nations in Europe rose from 2019 to 2020 after a two-year decline, while new guidance and other factors pushed totals downward in 13 others, including Ukraine and Moldova.