2017 Symposium on Economic Crime; Cambridge/UK
Brief overview of the situation in Switzerland regarding financial issues and, in particular, money laundering in conjunction with the status of lawyers, notaries and fiduciaries.
Current situation
The fourth FATF1 report, published in December 2016, reveals that Switzerland is doing relatively well but also points out what the FATF considers to be loopholes which the legislator must rectify.
In particular, the FATF laments the fact that lawyers, notaries and fiduciaries are not subject to the Money Laundering Act.
“The highest risk identified was for private banking and universal banks operating internationally, independent asset managers, lawyers and notaries, fiduciaries and foreign exchange brokers. With regards to TF, the risk assessment concluded that there was a limited risk in Switzerland, and identified banks, money and value transfer services and credit services as the most exposed sectors.”