Recent Swiss anti-money laundering measures prove how a country can effectively manage its financial system to fight crime while at the same time managing to protect client confidentiality
Two recent developments in Switzerland's anti-money laundering programme have been a Money Laundering Ordinance issued by the Swiss Federal Banking Commission and a revised version of the Swiss Bankers Association's Due Diligence Agreement. Both items came into force on 1 July 2003 and to appreciate their significance they should be seen in the context of Switzerland's approach to fighting money laundering. Any country serious in its fight against money laundering should by now have set up a system for the reporting of suspicious financial activity. One weakness of any such system, howeve...
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