Financial Action Task Force (FATF): Switzerland has strengthened its AML measures
Paris, 13 February 2020 – Since the 2016 assessment of Switzerland’s measures to tackle money laundering and terrorist financing, the country has taken a number of actions to strengthen its framework.
Switzerland has been in an enhanced follow-up process following the adoption of its mutual evaluation in 2016. In line with the FATF Procedures for mutual evaluations, the country has reported back to the FATF on the actions it has taken since then.
To reflect Switzerland’s progress, the FATF has now re-rated the country on the following Recommendations:
- Recommendation 16 – Wire transfers, from partially compliant to largely compliant
- Recommendation 19 – Higher-risk countries, from partially compliant to compliant
- Recommendation 33 – Statistics, from partially compliant to compliant
The report also looks at whether Switzerland’s measures meet the requirements of FATF Recommendations that have changed since the 2016 mutual evaluation. The FATF agreed to rerate Recommendation 8 (Non-profit organisations) from partially compliant to largely compliant. The FATF agreed to maintain the rating of largely compliant for Recommendation 2 (National cooperation and coordination), Recommendation 5 (Terrorist financing offence), Recommendation 15 (New technologies) including virtual asset service providers (VASPs), Recommendation 18 (Internal controls and foreign branches and subsidiaries) and Recommendation 21 (Tipping-off and confidentiality).
The FATF also maintained the rating of compliant for Recommendation 7 (Targeted financial sanctions related to proliferation).
Switzerland is rated compliant on 8 Recommendations and largely compliant on 27 Recommendations. It is remains partially compliant on 5 Recommendations.
Switzerland will continue to report back to FATF on its progress.
Mutual Evaluation Report Switzerland – 2016