NCJ Number
90783
Journal
Revue internationale de criminologie et de police technique Volume: 34 Issue: 4 Dated: (October-December 1981) Pages: 403-412
Date Published
1981
Length
10 pages
Annotation
Given the suprageographical nature of organized crime, it is essential that Switzerland enforce its own laws and improve international coordination against exploitation of its banking industry to harbor and launder illegal funds.
Abstract
Between 1970 and 1978, 26 cases were uncovered of criminally attained moneys being laundered through Swiss financial institutions, amounting to 90 million Swiss francs and 18 kilograms of gold. The most spectacular of these instances involved large ransom sums from kidnappings perpetrated elsewhere. Enforcement measures must coordinate banking and police authorities, involve the International Criminal Police Organization, and require banknote numeration systems being registered with both banks and the police. Above all, recommendations for the prevention of laundered money operations issued by the Council of Europe should be made obligatory by law or convention and all Swiss financial institutions should be subjected to the convention of 1977 between the National Bank and the Association of Swiss Banks and Bankers. Fifteen footnotes and the text of the Council of Europe recommendations are provided.