Occurrence of Money Laundering Grows by 29% in Switzerland

May 18, 2011 Taxation in Switzerland

Money Laundering!There have been over 1000 cases of suspected money laundering activity or suspicions of serious financial crimes reported to authorities in Switzerland.

According to the figures made available in the latest report published by the Money Laundering Reporting Office of Switzerland (MROS), in the year 2010 there were 1 159 reports submitted to the Office of suspicious financial activity and transactions. Analysis of the report shows that the number of occurrences represents a 29.4 percent increase in the volume of suspicious activity reports (SAR) filed in the year 2009.

The newly published report, drew attention to the particularly high number of filed suspicions submitted regarding the banking sector, with a nearly 71 percent of all SARs being based on perceived offences committed within the industry. The payment services sector was the next most significant contributor to the number of SARs, although it only accounted for 16 percent of all complaints. 55 percent of all cases of dubious financial activity reported to the Office were classified as crimes against property, and 39 percent were regarded as fraud.

The total value of assets covered by the reported SARs was approximately CHF 847 million, which is approximately the same level as in previously analyzed periods.

According to the MROS 86.5 percent of all SARs were forwarded to for legal investigation by the appropriate authorities, with the banking sector seeing over 90 percent of all SARs now undergoing further legal action.

The number of SARs related to terrorist financing in Switzerland was reported to be 13 in 2010, compared to the 7 seen in 2009.

Photo by elvis_payne