Fight against money laundering stepped up

From March 1, customs officials will be allowed to interrogate people carrying large amounts of cash or securities into the country.

The measure, approved by the cabinet on Wednesday, empowers officials to ask individuals personal question such as what the money is to be used for if the sum exceeds SFr10,000 ($8,620).

But the minimum amount is waivered if money laundering or terrorist financing is suspected.

The officials have the right to temporarily confiscate the money.

The measure is in line with the implementation of recommendations by the inter-governmental body, the Financial Action Task Force (FATF).

FATF membership is currently made up of 32 countries - including Switzerland - and territories and two regional organisations.

The FATF also works in close co-operation with a number of international and regional bodies involved in combating money laundering and terrorist financing.