NCJ Number
175843
Journal
European Journal of Crime, Criminal Law and Criminal Justice Volume: 5 Issue: 3 Dated: 1997 Pages: 220-227
Date Published
1997
Length
8 pages
Annotation
This is a brief overview of Swiss legislation relating to money laundering and forfeiture and Switzerland's legislative project to support the fight against money laundering and organized crime.
Abstract
The Swiss financial sector is very attractive for illegal as well as legal clients. It serves as a money laundering resort of second instance, i.e., money already "pre-washed" in other financial centers comes to Switzerland, where it is either hidden or transferred. Swiss efforts to combat money laundering begin with regulations on the private level. A code of conduct enforcing the "know-your-customer" policy exists for the insurance business, lawyers and accountants, as well as for the banking business. In 1990 Switzerland added to its Penal Code the offense of money laundering, punishable by imprisonment or fines. In 1996 a draft of a new administrative law on money laundering was presented by the government. The new law is based on self-regulation for all financial intermediaries. The new legislation, if it comes into effect, seems to fill the gaps of the present Swiss legal concept. However, the Swiss financial sector will still not be under complete control by an official supervisory body. Notes