Switzerland's progress in strengthening measures to tackle money laundering and terrorist financing

Publication details

Language

English

Country

Switzerland

Follow-Up Report Switzerland - 2023

Filename
Switzerland-FUR-2023.pdf
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1 MB
Format
application/pdf
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19 October 2023 - Switzerland has made progress in addressing the technical compliance deficiencies identified in the MER with respect to Recommendation 10 and Recommendation 40. As a result of this progress, Switzerland has been re-rated on these Recommendations.

  • Recommendation 10 is re-rated from Partially Compliant to Largely Compliant
  • Recommendation 40 is re-rated from Partially Compliant to Largely Compliant

Switzerland has 8 Recommendations rated Compliant, 29 Recommendations rated Largely Compliant and 3 rated Partially Compliant.

The country will move to regular monitoring and will inform the FATF of the progress made in improving the implementation of its AML/CFT measures as part of its 5th round mutual evaluation.

Technical Compliance

Ratings which reflect the extent to which a country has implemented the technical requirements of the FATF Recommendations.

Switzerland - Follow-Up Report 2023

missOrigin

R.1 - Assessing risk & applying risk-based approach
LC
R.2 - National cooperation and coordination
LC
R.3 - Money laundering offence
LC
R.4 - Confiscation and provisional measures
LC
R.5 - Terrorist financing offence
LC
R.6 - Targeted financial sanctions related to terrorism & terrorist financing
LC
R.7 - Targeted financial sanctions related to proliferation
C
R.8 - Non-profit organisations
LC
R.9 - Financial institution secrecy laws
C
R.10 - Customer due diligence
LC
R.11 - Record keeping
C
R.12 - Politically exposed persons
LC
R.13 - Correspondent banking
LC
R.14 - Money or value transfer services
C
R.15 - New technologies
LC
R.16 - Wire transfers
LC
R.17 - Reliance on third parties
LC
R.18 - Internal controls and foreign branches and subsidiaries
LC
R.19 - Higher-risk countries
C
R.20 - Reporting of suspicious transactions
LC
R.21 - Tipping-off and confidentiality
LC
R.22 - DNFBPs: Customer due diligence
PC
R.23 - DNFBPs: Other measures
PC
R.24 - Transparency and beneficial ownership of legal persons
LC
R.25 - Transparency and beneficial ownership of legal arrangements
LC
R.26 - Regulation and supervision of financial institutions
LC
R.27 - Powers of supervisors
LC
R.28 - Regulation and supervision of DNFBPs
LC
R.29 - Financial intelligence units
C
R.30 - Responsibilities of law enforcement and investigative authorities
C
R.31 - Powers of law enforcement and investigative authorities
LC
R.32 - Cash couriers
LC
R.33 - Statistics
C
R.34 - Guidance and feedback
LC
R.35- Sanctions
PC
R.36 - International instruments
LC
R.37 - Mutual legal assistance
LC
R.38 - Mutual legal assistance: freezing and confiscation
LC
R.39 - Extradition
LC
R.40 - Other forms of international cooperation
LC

C = compliant   |   LC = largely compliant     |   PC = partially compliant   |   NC = non-compliant

Earlier reports

Measures to combat money laundering and the financing of terrorism and proliferation in Switzerland

6 Dec 2016

Switzerland’s AML/CFT regime is technically robust and has achieved good results, but it would benefit from some improvements in order to be fully effective.
Read the report

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