Money Laundering In Switzerland
Switzerland has achieved worldwide popularity, with much of the credit going to the country's natural treasures, chocolate recipe, craftsmanship of its timepieces, and the prudence of its banking system.
The financial hub of Switzerland is one the biggest in the world. But its fame is stained with accusations that Swiss banks harbor illegal money. Such allegations are fueled by the fact that Swiss banks are bounded by an ultimate bank secrecy law.
The war against money laundering in Switzerland is considered as a serious business both by the Swiss banks and Swiss authorities. They have adapted several preventive measures to stop money laundering in Switzerland, and in places outside the country as well.
Bank secrecy is not implemented to tolerate or safeguard dirty money. In fact, if a particular Swiss bank is suspicious of a certain transaction, it is obligated to notify the Federal Reporting Office for Money Laundering right away. The bank secrecy can also be lifted by a judge of the country and the money in question seized in the event that there is proof of its illegal origins.
Money laundering in Switzerland is being seriously fought with using several provisions. The criminal code of the country strictly enforces punishments for any offense done in relation to organized crime, that is, money laundering, drug trafficking, fraud, gund smuggling, and more. During legal proceedings, a Swiss judge is allowed to order any bank to lift its adherence to the bank secrecy to get information on the accounts in question. This proves that bank secrecy does not support money laundering in Switzerland.
The procedure of the anti-money laundering in Switzerland is quite simple. Swiss magistrates are given the right to conduct inspection of any bank as necessitated by a criminal case, and such acts must be warranted and done in the most precise manner. In the incident that the public lawyer thinks that such investigation could encourage the account holder to take out all his funds, the Swiss magistrate can order the bank to freeze the person's account. Bankers can only be questioned by the Swiss magistrates, or in some cases, by some of the federal civil servants of Switzerland.
Money laundering in Switzerland has always been a big issue. However, with its serious intentions of preventing such transactions to take place, there have been fewer accusations about this unlawful activity. It just proves that banks can all protect the identities and personal information of their clients, but they should not do so to the extent of harboring the people who are engaged in illegal acts.