http://www.tacyltd.com/Research_Materials_Full.asp?id=54734
SWITZERLAND TO STRENGTHEN MONEY LAUNDERING AND TERRORISM FINANCING LEGISLATION Switzerland is in the process of strengthening the legal instruments it uses to combat international money laundering and the financing of terrorism. The Federal Council executive branch has opened consultation procedures on a number of legal amendments which would allow the revised recommendations of the Financial Action Task Force on Money Laundering (FATF) to be implemented. The FATF recommendations are regarded as the international standard in efforts toward combating money laundering and terrorism financing. In addition, the Swiss Money Laundering Act will be amended based on experience gathered to date. The consultation procedure will continue up to mid-April. In June 2003, the FATF completely revised and updated its forty recommendations covering new categories of criminal offenses in the money laundering and terrorism financing sectors. Swiss legislation already broadly conforms to the new FATF standards. However, the recommendations diverge from current Swiss legislation and policy on combating money laundering in a few points. The list of crimes which can be considered ‘predicate offenses’ for money laundering has been extended in the new recommendations. New on the list are counterfeiting of products, piracy of products, trafficking in human beings and serious smuggling offenses, together with insider trading and market manipulation. This requires amendments to the Swiss Criminal Code, the Copyright Act, the Foreign Nationals Act, the Act on Administrative Criminal Law and the Act on Mutual Assistance in Criminal Matters. In addition, corporate transparency should be increased. A change to the Money Laundering Act in the financial sector is planned by extending the scope of application of the Act to several professions and activities outside of the financial sector. The obligation to report suspicious activity will be extended to include specific situations in which negotiations are discontinued before a potential business relationship is established. Switzerland attaches great importance to having a sound financial center. It is particularly committed to ensuring that the Swiss financial center is not abused for criminal purposes, in particular for money laundering or terrorism financing. In an international comparison, Switzerland has a solid and extensive set of measures in place to combat money laundering. Switzerland therefore actively supports the revised FATF recommendations and their implementation in the domestic legislation of the FATF member states and other states. -- OpenPGP Key: 030E44E6 -- Was I helpful?: http://svcs.affero.net/rm.php?r=packetknife -- Well, you know boys, a nuclear reactor is a lot like a woman. You just have to read the manual and press the right button. -- Homer Simpson ------------------------ Yahoo! Groups Sponsor --------------------~--> Give underprivileged students the materials they need to learn. Bring education to life by funding a specific classroom project. http://us.click.yahoo.com/FHLuJD/_WnJAA/cUmLAA/TySplB/TM --------------------------------------------------------------------~-> -------------------------- Want to discuss this topic? Head on over to our discussion list, [EMAIL PROTECTED] -------------------------- Brooks Isoldi, editor [EMAIL PROTECTED] http://www.intellnet.org Post message: [email protected] Subscribe: [EMAIL PROTECTED] Unsubscribe: [EMAIL PROTECTED] *** FAIR USE NOTICE. This message contains copyrighted material whose use has not been specifically authorized by the copyright owner. OSINT, as a part of The Intelligence Network, is making it available without profit to OSINT YahooGroups members who have expressed a prior interest in receiving the included information in their efforts to advance the understanding of intelligence and law enforcement organizations, their activities, methods, techniques, human rights, civil liberties, social justice and other intelligence related issues, for non-profit research and educational purposes only. We believe that this constitutes a 'fair use' of the copyrighted material as provided for in section 107 of the U.S. Copyright Law. If you wish to use this copyrighted material for purposes of your own that go beyond 'fair use,' you must obtain permission from the copyright owner. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/osint/ <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
