Money-laundering monitor says Switzerland has work to do
GENEVA — Switzerland has achieved “good results” in fighting money laundering and terrorism financing, but should strengthen its compliance controls, boost scrutiny on the use of cash and share information more with foreign authorities, a leading watchdog said Wednesday.
The Paris-based Financial Action Task Force noted that Switzerland remains a major international financial center, home to 4.1 percent of all global assets under management as of 2014 and represents about one-quarter of all cross-border private banking.