Switzerland: Report on the Observance of Standards and Codes—FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism
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Summary:
This paper reviews Observance of Standards and Codes on the Financial Action Task Force (FATF) Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) for Switzerland. The paper discusses that The Federal Banking Commission (CFB) is the oversight body for banks, securities dealers, and fund managers in Switzerland. The intermediaries under its control may also join a self-regulatory organization that can set minimum standards. Nevertheless, the power to specify the rules for implementing the LBA (Loi sur le blanchiment d’argent) and to enforce those rules is essentially reserved to the oversight authority.
Series:
Country Report No. 2007/309
Subject:
Anti-money laundering and combating the financing of terrorism (AML/CFT) Crime Financial institutions Insurance companies Legal support in revenue administration Money laundering Nonbank financial institutions Revenue administration
English
Publication Date:
September 10, 2007
ISBN/ISSN:
9781451807394/1934-7685
Stock No:
1CHEEA2007009
Pages:
25
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